Gross interest anniversary

WildNights2021

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 

km1500

yes you will get one day's worth of interest.

IvanOpinion

In that account your £1500 will earn you about 17p for each interest earning day.

ColdIron

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

Thankyou for your replies this does sound about right, I guess there not silly these banks! 

Hoenir

WildNights2021 said:

Thankyou for your replies this does sound about right, I guess there not silly these banks! 

Nothing more than basic maths. 

wmb194

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

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

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?