First Direct 2019/20 5% Interest Savings Account payout

Diego_Francis

Just looked at my account today, the day the interest is paid out.  

I paid in £300 every month which is the max allowed resulting in £3600 saved up. 
The interest received today is £96.66. (2.685% interest ??)

I thought it would be £180.

What has happened here? Is there something I have missed in the small print? Or is my math just terrible?
Anyone else received theirs today to compare notes?

Thanks. 

Zorillo

Your maths is ok but your understanding of the product is terrible.

Regular savers pay interest on the money in the account, so it works out over the course of the year that the average length of time the money is in the account is a little over six months, hence you've received a little over half of what you expected to.

Diego_Francis

Zorillo said:

Your maths is ok but your understanding of the product is terrible.

Regular savers pay interest on the money in the account, so it works out over the course of the year that average length if time the money is in the account is a little over six months, hence you've received a little over half if what you expected to.

I knew I was terrible at something ha. Thanks for clearing that up.