Interest on non-working days

surreysaver

I've had a couple of regular savers mature (Principality and Saffron), and the money has been credited today (on a Sunday).  Which of my savings accounts can I put in in so that it will earn interest today, rather than leave in in a non-interest accruing current account?  I will then send the money to its intended destination tomorrow.
I have accounts with most providers.  I opened a Kroo account a few days ago - will it earn interest if I stick it in there for today?

sammy_zammy

Interest is calculated daily, whether it’s a working day, weekend, or bank holiday. The only thing that prevents that happening is funds not reaching the account until tomorrow. Most banks don’t do that though these days in my experience.

Personally I wouldn’t bother. If they’re regular savers, then surely they won’t have a huge balance and so the interest would be pennies. But you do you 

surreysaver

sammy_zammy said:

Interest is calculated daily, whether it’s a working day, weekend, or bank holiday. The only thing that prevents that happening is funds not reaching the account until tomorrow. Most banks don’t do that though these days in my experience.

Personally I wouldn’t bother. If they’re regular savers, then surely they won’t have a huge balance and so the interest would be pennies. But you do you 

It depends upon the organisation whether money deposited on a non-working day is credited that day, and therefore earns interest. Which is why I asked the question...

£3k at 4% would be about 32p. It all adds up

masonic

sammy_zammy said:

Interest is calculated daily, whether it’s a working day, weekend, or bank holiday. The only thing that prevents that happening is funds not reaching the account until tomorrow. Most banks don’t do that though these days in my experience.

There are plenty of examples where money is credited and available with a future transaction date (next working day), and even those showing today as the statement date may not have the deposit eligible for interest until next working day.

sammy_zammy

masonic said:

sammy_zammy said:

Interest is calculated daily, whether it’s a working day, weekend, or bank holiday. The only thing that prevents that happening is funds not reaching the account until tomorrow. Most banks don’t do that though these days in my experience.

There are plenty of examples where money is credited and available with a future transaction date (next working day), and even those showing today as the statement date may not have the deposit eligible for interest until next working day.

Apologies, seems I was mistaken then. Thanks for clarifying.

friolento

All current accounts that pay interest. Though none of them pays 4% these days

Also Chip, Chase, Zopa savings, and perhaps some others.

Don't spend your gains all at once

fuzzzzy

Similar question but for paying into regular savers on the 1st of the month manually. If the 1st falls on a weekend I usually just wait until the Monday to fund them but wondered if any of them credit interest on the non working day. At the moment I have regular savers with Coventry, Skipton, Principality and Virgin. I know it is just pennies but wondered what other regular saver holders do.

surreysaver

fuzzzzy said:

Similar question but for paying into regular savers on the 1st of the month manually. If the 1st falls on a weekend I usually just wait until the Monday to fund them but wondered if any of them credit interest on the non working day. At the moment I have regular savers with Coventry, Skipton, Principality and Virgin. I know it is just pennies but wondered what other regular saver holders do.

Yes, I did give thought to that. I haven't got the time to undo all the standing orders, doing manual payments, then reinstating the standing orders!
The regular saver thread does detail which ones credit on a non-working day. I suppose I could just stick the money in an account with one of those that credits at weekends 

surreysaver

friolento said:

All current accounts that pay interest. Though none of them pays 4% these days

Also Chip, Chase, Zopa savings, and perhaps some others.

Don't spend your gains all at once

I've got a Chase Boosted Saver. Might stick it in there, then, at 4.55%. A whole 37p!

fuzzzzy

surreysaver said:

fuzzzzy said:

Similar question but for paying into regular savers on the 1st of the month manually. If the 1st falls on a weekend I usually just wait until the Monday to fund them but wondered if any of them credit interest on the non working day. At the moment I have regular savers with Coventry, Skipton, Principality and Virgin. I know it is just pennies but wondered what other regular saver holders do.

Yes, I did give thought to that. I haven't got the time to undo all the standing orders, doing manual payments, then reinstating the standing orders!
The regular saver thread does detail which ones credit on a non-working day. I suppose I could just stick the money in an account with one of those that credits at weekends 

Thanks, I've just checked the regular saver thread and see that it does detail which ones credit on a non-working day.

artyboy

surreysaver said:

sammy_zammy said:

Interest is calculated daily, whether it’s a working day, weekend, or bank holiday. The only thing that prevents that happening is funds not reaching the account until tomorrow. Most banks don’t do that though these days in my experience.

Personally I wouldn’t bother. If they’re regular savers, then surely they won’t have a huge balance and so the interest would be pennies. But you do you 

It depends upon the organisation whether money deposited on a non-working day is credited that day, and therefore earns interest. Which is why I asked the question...

£3k at 4% would be about 32p. It all adds up

Probably wins the title of 'MSE post of the day'