How is this interest calculated ?

superstar_2

albertross wrote: »

Is it that important to you?

You could fill in a tax return, but you might wish you hadn't bothered.

It is not about that 10p! :rotfl:

Just that if i had forgotten for my other a/c - i may have lost out some money then ... Can i fill up the form at the bank and they will credit me or ?

Thanks mate! :T

Beate

My OH is eligible for tax-free interest but had forgotten to tell them the first month, so when he realised he filled in the R85 and they credited him back the tax they had taken off in the first month.

masonic

swift_gti wrote: »

Thanks everyone.. that explains why its only £128, I thought they gave you the interest based on what you'd saved after 12 months but obviously not.
Is there a type of interest that works in that way ?

The only accounts I'm aware of that work that way are the 'Christmas saver' type accounts run by supermarkets etc (where, obviously, you don't get money, but vouchers to spend in store).

Interest is usually calculated incrementally, based on the balance in your account at the end of each day, not the final balance.