Barclays Rainy Day Saver overpaid interest

myth123

If you click on the interest transaction in the app it tells you the period the interest was paid for.

For the interest paid today at £22.60, my reference says it's for period 1MAR/2 APR so 33 days (although this does include interest for a day that hasn't yet passed...)

RG2015

ordnancesurvey84 said:

This month's interest is for the 33 days from 27th February to 31st March inclusive.
Last month's interest if for the 28 days from 30th January to 26th February inclusive.

33/365 x 0.05 x 5000 = £22.60

The £21.23 you received is equivalent to 28 days with a £5000 balance and 5 days with a £3000 balance - is this a possibility?

I am questioning your dates given above.

I have now calculated the expected interest from my actual daily balances since opening the account on 10th October 2022.

The interest paid is consistent with the following days in each month.

October         22 days    (10 Oct to 31 Oct)
November     30 days
December     33 days     (1 Dec to 2 Jan)
January         33 days
January         29 days     ( 3 Jan to 31 Jan) (edited following eskbanker's observation)
February       28 days
March           33 days      (1 Feb to 2 Apr)

Therefore despite the statement date being 1st April the interest is calculated to 2nd April.

I wonder if the statement date for the interest will be amended to 3rd April in due course?

In any case, the concern expressed by @Band7 that Barclays had made a mistake with the calculation appears to be unfounded.

The only inconsistency is the statement date currently showing for the interest.

RG2015

myth123 said:

If you click on the interest transaction in the app it tells you the period the interest was paid for.

For the interest paid today at £22.60, my reference says it's for period 1MAR/2 APR so 33 days (although this does include interest for a day that hasn't yet passed...)

Our posts have crossed and I agree with you.

It is good to know that the period covered is displayed within the Barclays app. 

ordnancesurvey84

Agreed! I got the right number of days, but the wrong period! Didn't realise it was displayed in the app - good to know!

SandyN21

My interest was £22.67p on £5K since October. 

jaypers

£22.60 here also

allegro120

Interest I received for full month £5k balance
1st Dec - £20.55
3rd Jan - £22.60
1st Feb -£19.86
1st March -£19.18
1st Apr - £22.60

eskbanker

RG2015 said:

The interest paid is consistent with the following days in each month.

October         22 days    (10 Oct to 31 Oct)
November     30 days
December     33 days     (1 Dec to 2 Jan)
January         33 days
February       28 days
March           33 days      (1 Feb to 2 Apr)

Are you sure the January one wasn't 29 days, to cover 3rd to 31st?

RG2015

eskbanker said:

RG2015 said:

The interest paid is consistent with the following days in each month.

October         22 days    (10 Oct to 31 Oct)
November     30 days
December     33 days     (1 Dec to 2 Jan)
January         33 days
February       28 days
March           33 days      (1 Feb to 2 Apr)

Are you sure the January one wasn't 29 days, to cover 3rd to 31st?

You spotted my deliberate mistake. 

Seriously though, it is gratifying to know that my posts are not only read but read with an eagle eye!

Wheres_My_Cashback

SandyN21 said:

My interest was £22.67p on £5K since October. 

Then you must have had more than 5k in the account.