santander 123 joint a/c interest on balance

molerat

YorkshireBoy wrote: »

NB: The above assumes you've submitted an R85 on the joint account.

R85, how quaint - Santander have moved with the times - just tick a box on screen

YorkshireBoy

molerat wrote: »

R85, how quaint - Santander have moved with the times - just tick a box on screen

I wouldn't know about such things, being as I pay (a small fortune in) tax!

seh567

Hi. Thankyou Molerat and Yorkshireboy. I now understand and based on the formula given by Yorkshireboy my interest is spot on given that I did not transfer the monies into the account until 4th Feb so interest only calculated for 19 days to 23rd Feb. Just as a matter of interest does anyone know how many days in a month does Santander use for interest calculations is it 30 or 31?

ceredigion

seh567 wrote: »

Hi. Thankyou Molerat and Yorkshireboy. I now understand and based on the formula given by Yorkshireboy my interest is spot on given that I did not transfer the monies into the account until 4th Feb so interest only calculated for 19 days to 23rd Feb. Just as a matter of interest does anyone know how many days in a month does Santander use for interest calculations is it 30 or 31?

That would depend on which month we are in

YorkshireBoy

seh567 wrote: »

Just as a matter of interest does anyone know how many days in a month does Santander use for interest calculations is it 30 or 31?

Could be 28, 29, 30, or 31 days, depending on the month and whether it's a leap year or not.


For example, your next month's interest will be based on 28 days.

seh567

Ok. I'll bear that in mind