BOS Vantage Account interest

Schoolworker

I opened up this account 30th January and during February I paid in the minimum amount and 2DDs came off. It was sitting with a balance of £5003. I got my first interest yesterday of £11.27. Is this right as I thought 3% of £5k was £150 /12 would be £12.5 a month. I'm happy with this compared to my is a but is my sums wrong.

YorkshireBoy

You need to read your account T&Cs to see how they calculate interest. Firstly it's from the second working day to the first working day of the next month. And secondly the gross p.a. rate is used, not the AER.

ColdIron

And how many days were there in February?

MyOnlyPost

Going forward it becomes more complicated as if the 2nd falls on a weekend you get even longer months.

IIRC December was a 34 or 35 day month because of New Year Bank holidays which then made January a short month

YorkshireBoy

ColdIron wrote: »

And how many days were there in February?

27 interest earning days, plus one day in March. Op can't have had £5K in for all of them otherwise they'd have had £11.35 interest.