When is TSB Plus interest paid?

Vortigern

yellow218 wrote: »

And there was me eagerly checking! TSB hasn't paid yet,nor Halifax. Tesco appear to have paid on the joint account but not single account. Bizzarre.

Silly question. Is interest calculated daily?ie if you open the account half way through the month will you get half the interest, or is it calculated at the balance at the end of the month?

Tesco pays interest on "monthiversaries", so if you opened the account on the 9th of the month, you'll get your interest on the 9th of the next month, (and the next, etc) I presume the joint account and the sole account were opened on different days.

Yes, interest is calculated daily, so you will get interest for every day from account opening.

Archi_Bald

Each and every month someone else beats me to asking when TSB / BOS / Lloyds etc pay interest. This must not happen again. I have now put a reminder in my diary for October 31 so I can be up at midnight and the first to ask where my interest is.

YorkshireBoy

Archi_Bald wrote: »

Each and every month someone else beats me to asking when TSB / BOS / Lloyds etc pay interest. This must not happen again. I have now put a reminder in my diary for October 31 so I can be up at midnight and the first to ask where my interest is.

Since these accounts were launched I believe there have been only 3 months where the "where's my interest/Rewards?" question has not been asked on these boards on the 1st of the month.

With TSB it's kind of excusable, because the Plus T&Cs state interest will be paid "on the first working day of each month"...and today is that day...but it's not over yet!

However, with Lloyds it's not so excusable, being as they say "Interest is paid monthly into your account at the end of the first working day of each month"...how much clearer do you want it?...they've thought of that...read on!

They've also put this in a nice glossy welcome pack...with really big print...because people don't read account T&Cs small print. They've even put it on page 6, so quite near the front for those who have short attention spans.

And for those who like to read headlines first, rather than the story and detail behind it, it's under a page title "Credit Interest" (well that's what you opened it for isn't it!?) in font which is at least 4 times the size of the paragraph text which follows it...and green in colour so it's even more noticeable.

And still they can't win!

Anyone want to hazard a guess as to how many calls Lloyds take on this matter on the 1st of each month?

Westie983

YorkshireBoy wrote: »

Since these accounts were launched I believe there have been only 3 months where the "where's my interest/Rewards?" question has not been asked on these boards on the 1st of the month.

With TSB it's kind of excusable, because the Plus T&Cs state interest will be paid "on the first working day of each month"...and today is that day...but it's not over yet!

However, with Lloyds it's not so excusable, being as they say "Interest is paid monthly into your account at the end of the first working day of each month"...how much clearer do you want it?...they've thought of that...read on!

They've also put this in a nice glossy welcome pack...with really big print...because people don't read account T&Cs small print. They've even put it on page 6, so quite near the front for those who have short attention spans.

And for those who like to read headlines first, rather than the story and detail behind it, it's under a page title "Credit Interest" (well that's what you opened it for isn't it!?) in font which is at least 4 times the size of the paragraph text which follows it...and green in colour so it's even more noticeable.

And still they can't win!

Anyone want to hazard a guess as to how many calls Lloyds take on this matter on the 1st of each month?

I would think quite a few, or maybe because they post on here instead of calling maybe the phone calls reduce, who knows but it does make me laugh, why dont these people check T&C's or the search bar then read all the other threads and saving starting another one, of course search for 'Where's my interest' brings up about 200 results....

Ah well, Ill probably laugh at next months post too, and the ones that follow that...

Vortigern

Archi_Bald wrote: »

Each and every month someone else beats me to asking when TSB / BOS / Lloyds etc pay interest. This must not happen again. I have now put a reminder in my diary for October 31 so I can be up at midnight and the first to ask where my interest is.

Archi, if you remember, you could just bump this thread at midnight on 31 October?

Chaykin

Anyone knows at what time the interest appears on the account? I remember once logging in at about 2:00 AM "on the day after the first working day of the month" and it still wasn't showing.

TheShape

I went to work on Saturday so "the day after the first working day of the month" was yesterday, right? Still no interest in my account:mad:

pfpf

YorkshireBoy wrote: »

Anyone want to hazard a guess as to how many calls Lloyds take on this matter on the 1st of each month?

oh go on then, i love guessing games.
i would say its at least 7 but no way is it more than 23. i'll plump for 14.
am i right? what do i win? :j:j:j

pfpf

Archi_Bald wrote: »

Each and every month someone else beats me to asking when TSB / BOS / Lloyds etc pay interest. This must not happen again. I have now put a reminder in my diary for October 31 so I can be up at midnight and the first to ask where my interest is.

unlucky. you really should have kept that to yourself. the devious minds of MSE'rs are already plotting to scupper your readiness.

Westie983

TheShape wrote: »

I went to work on Saturday so "the day after the first working day of the month" was yesterday, right? Still no interest in my account:mad:

although you were working Saturday, its not a bank working day, so day after the first working day will be tomorrow, and the same rules apply each month.