tandem bank - instant access saver interest payment

OceanSound

Had a look at the Frequently Asked questions (FAQ):

https://www.tandem.co.uk/faq-main

How does an Instant Access Saver account work?

An Instant Access Saver is an account that will pay interest monthly on the money you put in. You can save as little or as much as you want up to £250,000. You can withdraw money, and pay money in, whenever you want.

When is interest paid on the Instant Access Saver?

Interest is calculated daily and compounded in to your Instant Access monthly. The interest will be applied to the account on the anniversary of the date your first funded it.

So, Interest is worked out monthly, then credited to the same instant access (IA) account on the same day I opened the account in the following year?

I opened the account on 22 April 2023, so interest is credited to IA account on 22 April 2024? This happens to be a Monday. Does anyone know what happens if the day is Sunday or a Bank Holiday. I presume with financial institutions like tandem bank the interest will be credited irrespective of whether it's a weekend day or bank holiday? Whereas with the traditional banks, it'll be the next working day?

Adding to OP for context: I also have an Atom bank IA account. Interest is added every month on the same date as I opened the account. i.e. 2nd of every month. Personally, for this type of account. i.e. IA account, I prefer the Atom method as I can see the yield every month. If it was a fixed deposit then every year may have been okay. But as I say this is just personal preference. 

jimexbox

The Summary Box seems to be at odds with the FAQ.

AmityNeon

Interest is credited on the monthly anniversary of first funding date, regardless of weekends.

OceanSound

AmityNeon said:

Interest is credited on the monthly anniversary of first funding date, regardless of weekends.

Your personal experience with tandem IA account?

Also, the 'regardless of weekends' is specific to Tandem Bank? Afterall, the thread is about Tandem Bank. I only ask because I did mention that with some banks it's credited on the next working day.

allegro120

https://forums.moneysavingexpert.com/discussion/6443708/tandem-bank-instant-access-saver-interest-payment

My last interest was credited on 7th April, which was bank holiday. 7th is my monthly anniversary of first funding date.