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Two TSB accounts - different interest
garfield33
Posts: 337 Forumite
Hello MSE-ers, I'm just curious to know if this has happened to anyone else.
I have two TSB classic plus accounts (I've had them a couple of years I think). Both have £1500 in them, and the only transactions are the required £500 going in (and out) each month, and me sweeping the interest out each month.
This month, one account has received £4.01 interest and the other has had £4.02. Now obviously I'm not worried about 1p and I'm certainly not going to contact the bank about it, but I was just curious as how it has happened, as the transactions in both accounts are identical, and neither of the balances ever goes below £1500.
I have two TSB classic plus accounts (I've had them a couple of years I think). Both have £1500 in them, and the only transactions are the required £500 going in (and out) each month, and me sweeping the interest out each month.
This month, one account has received £4.01 interest and the other has had £4.02. Now obviously I'm not worried about 1p and I'm certainly not going to contact the bank about it, but I was just curious as how it has happened, as the transactions in both accounts are identical, and neither of the balances ever goes below £1500.
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Comments
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How odd, on the face of it given what you say, I can't think of an explanation. FWIW I have 2 lots of £4.02 so the £4.01 seems the odd man out0
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Two lots of £4.01 here - can I demand a billion pounds compensation? :rotfl:Do Money Saving sites make you buy more bargains - and spend more money?0
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One possibility is that TSB calculates the interest due to a greater precision than one penny, keeps a record of the fractional pence not credited to the account, and credits a extra penny when these fractions add up sufficiently.
If the OP's accounts were not opened on the same day, that could account for the difference.Eco Miser
Saving money for well over half a century0 -
I got the 4.02 and the 4.01 as well.0
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4 x £4.01 here as well, feeling well and truly short changed.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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One possibility is that TSB calculates the interest due to a greater precision than one penny, keeps a record of the fractional pence not credited to the account, and credits a extra penny when these fractions add up sufficiently.
If the OP's accounts were not opened on the same day, that could account for the difference.
Interesting... could be! However the account that I've had longer (by about 6 weeks) is the one that has 1p less... I'm pretty sure that the interest has always been same until now.
The mystery continues.0 -
It's the old trick - remove a penny from thousands of accounts and no one will notice!
They reckoned without the power of MSE. :money:
Who's going to be the first to phone the Fraud Squad?
Do Money Saving sites make you buy more bargains - and spend more money?0 -
2x £4.01 here.0
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I had one with £4.01, and one £4.00. The £4.00 is still eligible for the monthly £5 cashback.0
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Two with £4.01 here too0
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