Gatehouse EA Interest

hertslady64

Does anyone know if there's is a minimum interest threshold for Gatehouse EA account to  pay the interest. I only have £6 in it, as it's an account I set up for when the chase interest rate reduced. It's set to monthly and paid away. So I was expecting 1 or 2 pence, but nothing has appeared in my nominated account. 

wiseonesomeofthetime

No. How long has it been open?

hertslady64

wiseonesomeofthetime said:

No. How long has it been open?

It was opened on 12th December and the money was deposited the same day

wiseonesomeofthetime

My Gatehouse is annual interest, so I don't know the answer for definite, however, if interest is added on the 1st of a calendar month as opposed to a monthiversary, I should expect a few pence appearing on 3 Feb 2025 (1st and 2nd being a weekend)

flaneurs_lobster

I've got £1.68 in mine, it's earning 1p/month interest which is paid on month anniversary of opening. (albeit to the same account).

Would there be a separate limit if you are paying the interest away?

Bobblehat

I have a vague memory of asking CS back in 2023 about a small amount of interest (pence!) I was expecting a month or so after withdrawing a reasonable deposit down to a £1. I'd been paid interest monthly externally up to the point of dropping to £1 and interest dried up completely after that. If I remember correctly, they said that they would only pay out once the accumulated interest got to £1. 

It may be worth you giving them a ring to see if that is still the case (apologies in advance if I remembered it wrong!), and report back here to interested parties!

hertslady64

Bobblehat said:

I have a vague memory of asking CS back in 2023 about a small amount of interest (pence!) I was expecting a month or so after withdrawing a reasonable deposit down to a £1. I'd been paid interest monthly externally up to the point of dropping to £1 and interest dried up completely after that. If I remember correctly, they said that they would only pay out once the accumulated interest got to £1. 

It may be worth you giving them a ring to see if that is still the case (apologies in advance if I remembered it wrong!), and report back here to interested parties!

That's interesting. Yes I will contact them and report back

allegro120

hertslady64 said:

wiseonesomeofthetime said:

No. How long has it been open?

It was opened on 12th December and the money was deposited the same day

Could it be that the profit frequency on your account is set up as annual, not monthly?

uscool

Opened this few days ago , deposited little amount but waiting for the code via post so can withdraw before depositing more 

hertslady64

Thank you for all your suggestions. I have contacted Gatehouse and it is as Bobblehat said.
They have said  that if profit payments are under £1.00 they would not make a payment

Bobblehat

hertslady64 said:

Thank you for all your suggestions. I have contacted Gatehouse and it is as Bobblehat said.
They have said  that if profit payments are under £1.00 they would not make a payment

Thanks ..... this confirmed some of the grey matter is still functioning