TSB Interest Changes

RandomUser923759

Can anyone explain to me why the amount of TSB interest changes. The offer states 5% on balances up to 2000.00. I have a constant 2000.00 in my account but the interest fluctuates. Why would this be?

Kim_13

It is calculated daily and some statement periods have fewer days in than others.

Dan83

As said above, from what I've read on here, it doesn't alway go from the 1st day of the month either, it starts on the 1st working day (If ive understood this wrong I'm sure someone will put me right).

Lolly88

Gosh OP this thread title panicked me. I thought it was going to be about TSB reducing their 5% interest.

bigadaj

Lolly88 wrote: »

Gosh OP this thread title panicked me. I thought it was going to be about TSB reducing their 5% interest.

You pessimist, it could mean they are increasing it!

Kernel_Sanders

Lolly88 wrote: »

Gosh OP this thread title panicked me. I thought it was going to be about TSB reducing their 5% interest.

Don't worry, I think there's a TSB interest thread on the 1st of every month

RandomUser923759

Does anyone know for sure how it is calculated? Working days, days etc etc?

Ballard

mrchrisbrogan wrote: »

Does anyone know for sure how it is calculated? Working days, days etc etc?

It doesn't matter whether it's a working day or not.

principal * rate * days / 365.

RandomUser923759

Since having the account I have had the following, and I am struggling to find how this adds up:

01/10/2015 6.44
02/11/2015 6.87
01/12/2015 6.22
04/01/2016 7.29
01/02/2016 6.01

RandomUser923759

Since having the account I have had the following, and I am struggling to find how this adds up:

01/10/2015 6.44
02/11/2015 6.87
01/12/2015 6.22
04/01/2016 7.29
01/02/2016 6.01

Ballard

mrchrisbrogan wrote: »

Since having the account I have had the following, and I am struggling to find how this adds up:

01/10/2015 6.44
02/11/2015 6.87
01/12/2015 6.22
04/01/2016 7.29
01/02/2016 6.01

Firstly, has the amount changed regularly or has it been fairly static?

Secondly, the number of days differs. looking at the data that you've provided it seems as though interest is settled on the first working day of the month and includes the first few days of the current month.