BOS vantage interest

adonis10

Anyone else have lower than expected interest this month?

I have had the full 5k in my three accounts and the interest was £7.87 in each. Now, July is a 31 day month so I see it being (0.02*5000) / 365 = £0.274 per day, therefore 31 * 0.274 = £8.49.

Only talking pennies but intrigued as to me it is a very simple calculation if it is daily interest.

YorkshireBoy

July was a 29 day month (for interest calculation purposes).

In other words, they don't use calendar months...and never have for Vantage accounts.

And you can't use the AER, you need to use gross p.a. rates for all banks' interest calculations.

So £5,000 x 0.0198 / 365 x 29 = £7.87

verybigchris

As above, it's 29 days between when July's interest was credited (end of Mon 3rd July) and August's (end of Tue 1st Aug).