What time of day do Marcus calculate daily interest?

fun4everyone

Curious about this, it helps with getting the timing of moving money out to be as accurate as possible with regards to maximising interest.  I tried searching first and found this old post on a now closed discussion

https://forums.moneysavingexpert.com/discussion/comment/65197815/#Comment_65197815

It appears to details how some banks systems worked in this regard back in 2014 as follows.  I dont know if this info is accurate or not

"RBS group 1830
Barclays 1830 (not sure about this one)
Santander 2017 (sometimes 2117 on Tuesdays)
Nationwide 2030
HSBC group 0000
Lloyds group 0000"

Does anyone know what time exactly Marcus use to calculate daily interest?

JGB1955

I don't have an exact answer but know that interest doesn't appear into the account until the 'following' day.

fun4everyone

JGB1955 said:

I don't have an exact answer but know that interest doesn't appear into the account until the 'following' day.

Thanks yeah that I get, but unfortunately its the exact timing im hoping to find out.

EarthBoy

As far as I know, all banks use the end of day balance for calculating interest, so it will be. 23:59, or 00:00 hours. I've never heard of it being calculated at any other time.

km1500

i agree - it will be calculated on the balance at midnight the previous day

When they actually calculate it won't change the result

Ed-1

km1500 said:

i agree - it will be calculated on the balance at midnight the previous day

When they actually calculate it won't change the result

Not necessarily. Santander calculate interest based on the balance of the account at 8:15pm. That is when there system rolls over to the next day. Any payments in or out of the account after 8:15pm get dated the next day. That is why if you are overdrawn the text notification states that you should pay in funds by 8:15pm to avoid overdraft fees.

Similar with Natwest group where the cut off is (or at least was) 6:30pm.

artyboy

I'm guessing that banks take a fairly dim view of people trying to cycle money around accounts to earn multiple amounts of daily interest... so you can see why the precise timing for any calculations doesn't get widely published.

wmb194

artyboy said:

I'm guessing that banks take a fairly dim view of people trying to cycle money around accounts to earn multiple amounts of daily interest... so you can see why the precise timing for any calculations doesn't get widely published.

They do. People have had their accounts closed for these types of shenanigans.