Short term interest query

Alex_Ramsay

Hi - a very basic question - I have just inherited about £50,000 which will be in my possession for only a few months after which it will be used as a house deposit. My question is - if I put this in an easy access savings account, when is the interest paid? Should I choose an account which pays monthly in preference to annually? Thanks

Bigwheels1111

How quickly do you need the cash back.
I use Chip. Good rate and instant deposits and withdrawals via open banking.
Paid monthly, it’s a bit strange but on the last day of the month you can see your interest amount.
But it’s not paid for 4 working days. So the 4th, 5th, 6th etc.

25_Years_On

The interest is paid when either monthly, annually or when you close the account. So if you put it into an account and withdraw everything and close the account after 28 days you will get 28 days of interest. For three months, if interest is paid monthly, you will get interest payments each month or if paid annually you will get three months of interest when closed.