First Direct interest twice?

42cancel

Hello. 
I'm not very clever when it comes to money matters, and so I wasn't sure how to answer my wife when she asked me about the following. 
She has a savings account with First Direct. Every month she receives her interest, but instead of getting one payment, she gets two. They are always for equal amounts. She is worried that this is a mistake. What should she do? 
The only thing I can add is that the payments have two separate names,  "added gross int" and "gross interest to". I'm not sure if this is of any use. 

Thanks in advance for any help.

jak22

It might be an account with a bonus if no withdrawal is made in the month - one payment being the base and the other the bonus - and by coincidence they are the same percentage rate.

eskbanker

42cancel said:

Hello. 
I'm not very clever when it comes to money matters, and so I wasn't sure how to answer my wife when she asked me about the following. 
She has a savings account with First Direct. Every month she receives her interest, but instead of getting one payment, she gets two. They are always for equal amounts. She is worried that this is a mistake. What should she do? 
The only thing I can add is that the payments have two separate names,  "added gross int" and "gross interest to". I'm not sure if this is of any use. 

Thanks in advance for any help.

Are both figures definitely being added to the balance each time?  How much are they, what's the balance, and what's the name of the product?

geordiejon

as above the bonus savings account pays 2% if you withdraw during the month but if you don't you get an extra 2% each month.
they keep both interest separate and thats why you get 2 payments. 

42cancel

eskbanker said:

42cancel said:

Hello. 
I'm not very clever when it comes to money matters, and so I wasn't sure how to answer my wife when she asked me about the following. 
She has a savings account with First Direct. Every month she receives her interest, but instead of getting one payment, she gets two. They are always for equal amounts. She is worried that this is a mistake. What should she do? 
The only thing I can add is that the payments have two separate names,  "added gross int" and "gross interest to". I'm not sure if this is of any use. 

Thanks in advance for any help.

Are both figures definitely being added to the balance each time?  How much are they, what's the balance, and what's the name of the product?

I'd have to check with my wife, she is currently away from home. But to me, it looked as though they were both added to the balance.

35har1old

42cancel said:

eskbanker said:

42cancel said:

Hello. 
I'm not very clever when it comes to money matters, and so I wasn't sure how to answer my wife when she asked me about the following. 
She has a savings account with First Direct. Every month she receives her interest, but instead of getting one payment, she gets two. They are always for equal amounts. She is worried that this is a mistake. What should she do? 
The only thing I can add is that the payments have two separate names,  "added gross int" and "gross interest to". I'm not sure if this is of any use. 

Thanks in advance for any help.

Are both figures definitely being added to the balance each time?  How much are they, what's the balance, and what's the name of the product?

I'd have to check with my wife, she is currently away from home. But to me, it looked as though they were both added to the balance.

I think geordiejon has supplied the answer
HSBC has a similar account Online Bonus and they pay out two amounts per month 

Nardy

I have exactly the same account and have never thought about it until now.

There's more details here

https://www.firstdirect.com/savings-and-investments/savings/bonus-savings-account/

42cancel

Nardy said:

I have exactly the same account and have never thought about it until now.

There's more details 

Thank you for the link. Very helpful.