When does interest typically start accruing on savings accounts?

howryoo

I'm looking into savings accounts by Shawbrook and Atom at the moment and wondered when do you actually start earning interest.

I see on Shawbrook's site that if the receive your FP payment by 3:30pm, it'll credit your account the same day and start earning interest.  Anything after that, they'll hold onto it overnight, apply it your your account next working and that's when it'll start earning interest.

What about Atom?  I'm sure they reflect payments into your account pretty quickly, so if you actioned a payment after 5pm, or even 9pm, it'll credit your account that evening, but surely you won't be earning interest for that day?  Is there a cut-off?

Same with accounts such as Santander's eSaver - is there a cut-off before your funds starts earning interest?  Say if I moved funds into account 5 - 6 pm?

Bigwheels1111

Not sure when but Atom transfers in arrive within 10 minutes from my account.
Why 5-6pm and not 10am.
Just a thought.

artyboy

Unless you're moving huge sums around, one day here or there is unlikely to really matter much. 

Or... and maybe I'm just being a bit cynical here... are you suggesting you could move money around several accounts to earn interest on all of them by using inside knowledge of their cut off times...? 

dunstonh

Typically on the closing balance daily.

howryoo

Bigwheels1111 said:

Not sure when but Atom transfers in arrive within 10 minutes from my account.
Why 5-6pm and not 10am.
Just a thought.

Because I might have only decided to commit to an account later in the day.

dunstonh said:

Typically on the closing balance daily.

So in this instance, if I moved funds out of my Santander eSaver this afternoon around 6pm, made a payment to Shawbrook without realising the timings, thus lose out on a days' interest? 

artyboy said:

Unless you're moving huge sums around, one day here or there is unlikely to really matter much. 

Or... and maybe I'm just being a bit cynical here... are you suggesting you could move money around several accounts to earn interest on all of them by using inside knowledge of their cut off times...? 

Agreed, a day here or there is negligible is most cases, but if you move in the tens of thousands (as some do), then it could potentially lose you a few quids interest.  I'm just more interested for my future reference.

And no, nothing sinister here in terms moving funds around.  Have better things to do, hence I just want to shove funds into a fixed account for the short term.