TSB current account with 5%

mlp

TSB current account with 5% AER - for any one 31-day month, assuming the balance remains a minimum of £2000 for the entire month (and that the conditions for earning interest are met), how much net interest will be paid?

I ask because I think I have received more than I should have for December.

YorkshireBoy

December's interest was paid over 34 days, due to the bank holiday weekend at the start of January.

£2,000 x 4.89% / 365 x 34 = £9.11 gross (£7.29 after tax)

norm_

YorkshireBoy wrote: »

December's interest was paid over 34 days, due to the bank holiday weekend at the start of January.

£2,000 x 4.89% / 365 x 34 = £9.11 gross (£7.29 after tax)

Exactly what I got.

mlp

That explains it then. I got the same.:beer:

eskbanker

....and the next payment will be £6 (net) as there are only 28 days between the first working days of January and February this year.

Anthorn

eskbanker wrote: »

....and the next payment will be £6 (net) as there are only 28 days between the first working days of January and February this year.

2016 is a leap year: 29 days in February. 1st Feb is a Monday and so is 29th Feb

Vortigern

Anthorn wrote: »

2016 is a leap year: 29 days in February. 1st Feb is a Monday and so is 29th Feb

The leap day will affect the interest due to be paid in March, eskbanker is referring to the interest due at the start of February.