M&S 3 year Fixed ISA

rallycurve

Or more if you don't use the whole year allowance in a single deposit - they will create a new bond for each deposit.

£1k ~ 912 days
£5k ~ 183 days

£10k ~ 91 days
£20k ~ 46 days

£30k ~ 30 days
£40k ~ 23 days
£50k ~ 18 days

...

£100k ~ 9 days

100/(deposit amount*0.04)*365

J63320

My point was about the delay of up to 30 days in crediting the interest. Either way, they are giving themselves up to 30 days to hang on to the interest when it could be working for you, either in the bond itself, or in the account it is paid into (where it might be paying your bills or earning you interest in a different savings account).

refluxer

J63320 said:

My point was about the delay of up to 30 days in crediting the interest. Either way, they are giving themselves up to 30 days to hang on to the interest when it could be working for you, either in the bond itself, or in the account it is paid into (where it might be paying your bills or earning you interest in a different savings account).

Ah, I see - sorry. Yes, the potential 30 day delay is unusual. I don't think I've ever had a fixed rate account where the interest hasn't been paid on either the maturity/anniversary date itself or possibly the next working day at the latest, so I'm not sure how that would affect the compounding.

rallycurve

And there is no online account you can use to find out when it is actually credited. I suppose they'll send a paper statement? Anyone who has used them before can throw some light on this?

Aidanmc

rallycurve said:

And there is no online account you can use to find out when it is actually credited. I suppose they'll send a paper statement? Anyone who has used them before can throw some light on this?

11. Statements and other information we’ll give you

Whenever we make a payment into or out of your account, take our charges or charge or pay interest, we’ll give you details if you contact us through Telephone Banking and ask us to send this information to you. If you make a payment out of your account, a cash withdrawal advice note will be sent to you by post. Whenever there is a payment into your account, excluding Direct Debits, a certificate of deposit will be sent to you by post. We will always provide you with an annual statement for your records. You must let us know as soon as possible if you think there are any unusual or incorrect transactions on your accounts.

rallycurve

I have just received my certificate of deposit in the post. I am pleased to see that my deposit date is the day when I applied online and provided the payment instructions (via debit card) and not when the actual charge was taken from my account (4 days later)