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Gross interest anniversary

WildNights2021
WildNights2021 Posts: 2 Newbie
Third Anniversary First Post
in Savings & investments
Hello, 
One of my savings account has 4.25 % gross interest rate to be paid on the 15th April. It currently has a £1 but if I transfer £1,500 into it today will I get interest on this or not? The anniversary date is 15th April. Just wanted to see if I could earn some money by swapping money over to it for a few days until some interest is paid or would it not work like that?

Thanks 

Comments

  • km1500
    km1500 Posts: 2,790 Forumite
    1,000 Posts Second Anniversary Name Dropper
    yes you will get one day's worth of interest.
  • IvanOpinion
    IvanOpinion Posts: 22,132 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    In that account your £1500 will earn you about 17p for each interest earning day.
    I don't care about your first world problems; I have enough of my own!
  • ColdIron
    ColdIron Posts: 10,193 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    WildNights2021 said:
    Just wanted to see if I could earn some money by swapping money over to it for a few days until some interest is paid or would it not work like that?
    You don't say what sort of account it is or who with but assuming a standard easy access account you may earn some interest, maybe 2 days if they credit it today, 0 days if it's an smaller bank or building society that is more a Mon-Fri outfit
    But if you think you're going to bag a big payoff that's not going to happen
    Where is the money sitting now and at what rate? If it's close to 4.25% it could be less than a penny difference
  • WildNights2021
    WildNights2021 Posts: 2 Newbie
    Third Anniversary First Post
    Thankyou for your replies :) this does sound about right, I guess there not silly these banks! 
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    WildNights2021 said:
    Thankyou for your replies :) this does sound about right, I guess there not silly these banks! 
    Nothing more than basic maths. 
  • wmb194
    wmb194 Posts: 5,589 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 13 April 2024 at 5:28PM
    Not all banks/BSs pay interest on deposits made at the weekend, instead they'll only begin to earn interest from the next working day. For instance, Lloyds operates in this way.
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    wmb194 said:

    Not all banks/BSs pay interest on deposits made at the weekend, instead they'll only begin to earn interest from the next working day. For instance, Lloyds operates in this way.

    Are you sure about Lloyds? I don't recall interest received ever being lower than calculated for every single day, even for the weekends and bank holidays on which I made Faster Payments (to regular savers). They post-date the transaction to the next working day, but the transaction details will contain the actual date the deposit was credited.

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    WildNights2021 said:
    Thankyou for your replies :) this does sound about right, I guess there not silly these banks! 
    Eh? Were you seriously expecting a years worth of interest on a deposit held for 2 days?
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