Monthly interest on savings

auser99

AmityNeon said:

auser99 said:

You've had 5k in an account for 8 days. 8days at 1.64% is exactly 17p.

That is not the case: 5,000 * 0.0164 * 8/365 = £1.80

Also note that Metro's monthly interest covers the whole previous calendar month, is paid on the next working day, but the transaction date is backdated to the previous working day. A deposit on 21 Dec 2023 earns interest for 11 days for the rest of December; accrued interest is paid on 02 Jan 2024 with a recorded transaction date of 29 Dec 2023.

Good points. What would your suggestion be to how he's had a mere 17p interest credited then?

Maybe the initial 5k logged as one day but actually took 3working days plus weekend to clear? Meaning he's only actually had 1 day interest paid? Your £1.80 divided by 11? 

AmityNeon

auser99 said:

AmityNeon said:

auser99 said:

You've had 5k in an account for 8 days. 8days at 1.64% is exactly 17p.

That is not the case: 5,000 * 0.0164 * 8/365 = £1.80

Also note that Metro's monthly interest covers the whole previous calendar month, is paid on the next working day, but the transaction date is backdated to the previous working day. A deposit on 21 Dec 2023 earns interest for 11 days for the rest of December; accrued interest is paid on 02 Jan 2024 with a recorded transaction date of 29 Dec 2023.

Good points. What would your suggestion be to how he's had a mere 17p interest credited then?

Maybe the initial 5k logged as one day but actually took 3working days plus weekend to clear? Meaning he's only actually had 1 day interest paid? Your £1.80 divided by 11?

The interest paid was 16p, but one day of interest: 5,000 * 0.0164 / 365 = £0.22. Either the requested details are provided, or Metro Bank can be contacted.

ChrisEllis

All very confusing. to be clear, I have a new 1yr fixed term savings account giving 5.52% with no withdrawals, this was funded via a new funding account with £5000 on 21st Dec. interest is paid out into the funding accout which I can withdraw from, this now show 16p which was the interest credited on 29th Dec. there does not seem to be any way of contacting a real person to query it

AmityNeon

Is the funding account displaying a rate of 5.10%? If so, this rate is only possible if at least £500 has remained in the account for one working day, but there is nothing thus far to suggest this has been the case.

The Fixed Term Account could be paying annual interest, so the interest of £0.16 pertains only to the funds held in the Instant Access Account, based on an undisclosed balance history.

If none of the above applies, you should call Metro or visit your nearest branch.

boingy

ChrisEllis said:

All very confusing. to be clear, I have a new 1yr fixed term savings account giving 5.52% with no withdrawals, this was funded via a new funding account with £5000 on 21st Dec. interest is paid out into the funding accout which I can withdraw from, this now show 16p which was the interest credited on 29th Dec. there does not seem to be any way of contacting a real person to query it

I don't think the 16p is related to your interest on the fixed rate savings. If you elected for monthly interest then Metro pay it on the monthly "anniversary" of when you opened the account, so you should expect the interest to land on the 21st of each month starting in Jan. 

From their T&Cs:

If you selected monthly interest (where available) this is usually paid on the same date each month, based on your original opening date

I suggest you wait until Jan 21st or thereabouts and see what happens. No idea what the 16p is. Do you have any other accounts that might have paid that into your funding account?

You can contact a real person at Metro by phoning them. The online chat is a waste of time and has no way to escalate a query to a human.

ColdIron

boingy said:

ChrisEllis said:

All very confusing. to be clear, I have a new 1yr fixed term savings account giving 5.52% with no withdrawals, this was funded via a new funding account with £5000 on 21st Dec. interest is paid out into the funding accout which I can withdraw from, this now show 16p which was the interest credited on 29th Dec. there does not seem to be any way of contacting a real person to query it

I don't think the 16p is related to your interest on the fixed rate savings. If you elected for monthly interest then Metro pay it on the monthly "anniversary" of when you opened the account, so you should expect the interest to land on the 21st of each month starting in Jan. 

From their T&Cs:

If you selected monthly interest (where available) this is usually paid on the same date each month, based on your original opening date

You can contact a real person at Metro by phoning them. The online chat is a waste of time and has no way to escalate a query to a human.

I've found that 'Ada' puts you through (to a queue) very quickly if you say 'speak to someone'

boingy

ColdIron said:

boingy said:

ChrisEllis said:

All very confusing. to be clear, I have a new 1yr fixed term savings account giving 5.52% with no withdrawals, this was funded via a new funding account with £5000 on 21st Dec. interest is paid out into the funding accout which I can withdraw from, this now show 16p which was the interest credited on 29th Dec. there does not seem to be any way of contacting a real person to query it

I don't think the 16p is related to your interest on the fixed rate savings. If you elected for monthly interest then Metro pay it on the monthly "anniversary" of when you opened the account, so you should expect the interest to land on the 21st of each month starting in Jan. 

From their T&Cs:

If you selected monthly interest (where available) this is usually paid on the same date each month, based on your original opening date

You can contact a real person at Metro by phoning them. The online chat is a waste of time and has no way to escalate a query to a human.

I've found that 'Ada' puts you through (to a queue) very quickly if you say 'speak to someone'

You must be special! 
All I've ever got from her is "No-one is available. Phone this number...". I tried about half a dozen times across several days, all in normal office hours. 

allegro120

ColdIron said:

boingy said:

ChrisEllis said:

All very confusing. to be clear, I have a new 1yr fixed term savings account giving 5.52% with no withdrawals, this was funded via a new funding account with £5000 on 21st Dec. interest is paid out into the funding accout which I can withdraw from, this now show 16p which was the interest credited on 29th Dec. there does not seem to be any way of contacting a real person to query it

I don't think the 16p is related to your interest on the fixed rate savings. If you elected for monthly interest then Metro pay it on the monthly "anniversary" of when you opened the account, so you should expect the interest to land on the 21st of each month starting in Jan. 

From their T&Cs:

If you selected monthly interest (where available) this is usually paid on the same date each month, based on your original opening date

You can contact a real person at Metro by phoning them. The online chat is a waste of time and has no way to escalate a query to a human.

I've found that 'Ada' puts you through (to a queue) very quickly if you say 'speak to someone'

The same here. Soon after I said "speak to someone" I was talking to the real person who resolved the issue.   

ChrisEllis

Thanks all, I have got through and it seems the interest is not payable yet, I put in another £500 by mistake and got it out of the funding account after 4 days so that was the 16p