TSB Interest is incorrect this month

blue.peter

General_Grant said:

Not all banks take account of it, but 2020 is a leap year. 
(I think Nationwide don't pay interest for 29 February.)

Some organisations assume 365.25 days in every year. Different businesses have different ways of dealing with the issue.

Zanderman

3.65 on both of mine

Wheres_My_Cashback

I only got £3.64, I want my missing 13p !

badger09

Wheres_My_Cashback said:

I only got £3.64, I want my missing 13p !

13p?

glider3560

This wouldn't be the first time TSB have got the interest wrong.  Back in October 2019, I had a credit of 12p to each of my Classic Plus accounts on the 17th October.  Presumably because they got the interest wrong, so they recalculated it for all accounts.

RG2015

glider3560 said:

This wouldn't be the first time TSB have got the interest wrong.  Back in October 2019, I had a credit of 12p to each of my Classic Plus accounts on the 17th October.  Presumably because they got the interest wrong, so they recalculated it for all accounts.

Yes, I thought it had happened before although this time it is only me   

RG2015

glider3560 said:

This wouldn't be the first time TSB have got the interest wrong.  Back in October 2019, I had a credit of 12p to each of my Classic Plus accounts on the 17th October.  Presumably because they got the interest wrong, so they recalculated it for all accounts.

For what it's worth TSB have not included the extra 12p on my annual statement of interest. Not significant, but clearly TSB computers are still a bit dodgy.

Ballard

blue.peter said:

General_Grant said:

Not all banks take account of it, but 2020 is a leap year. 
(I think Nationwide don't pay interest for 29 February.)

Some organisations assume 365.25 days in every year. Different businesses have different ways of dealing with the issue.

The standard interest calculation for current accounts is actual/365 or actual/366. I’d be interested to know which organisations go act/365.25. 

digalumps

Probably only a fraction of them.

blue.peter

Ballard said:

blue.peter said:Some organisations assume 365.25 days in every year. Different businesses have different ways of dealing with the issue.

The standard interest calculation for current accounts is actual/365 or actual/366. I’d be interested to know which organisations go act/365.25. 

Hargreaves Lansdown uses this method for calculating their charges and, I think, the (tiny) interest that they pay on ISAs. Yes, I agree that it's a very odd way of doing it, and Iit surprised me when I discovered it. I'm not aware of any others. However, if one firm does it this way, it's possible that others will.