Co-Op Bank Savings Interest Transfer

Candub_69

I opened a Fixed term Deposit with the Co-Op bank all went smoothly with the option of monthly interest to an account with another bank. The terms advise that the monthly interest will be credited to your stipulated account on the monthly anniversary of the account being open , Unless its a non working day and today the 24th is a working day yet no interest has been transferred , I have checked the account on my confirmation letter and its correct that the interest is to go into. Is this normal. Is this a Co-Op thing as I have another similar account with another bank and interest is always paid on the day. Anyone else experience this , I have sent them a secure message to query this , no reply yet.

wmb194

Candub_69 said:

I opened a Fixed term Deposit with the Co-Op bank all went smoothly with the option of monthly interest to an account with another bank. The terms advise that the monthly interest will be credited to your stipulated account on the monthly anniversary of the account being open , Unless its a non working day and today the 24th is a working day yet no interest has been transferred , I have checked the account on my confirmation letter and its correct that the interest is to go into. Is this normal. Is this a Co-Op thing as I have another similar account with another bank and interest is always paid on the day. Anyone else experience this , I have sent them a secure message to query this , no reply yet.

Some banks e.g., Vanquis transfer monthly interest by Bacs and the transfer isn’t always made until the next day so you could be looking at Wednesday or Thursday this week. Or it might turn up by faster payments later today or tomorrow: faster payments only guarantees next day.

Candub_69

I like the Co-Op however everything they do is not as seamless as other banks , thanks for the info wmb194 , your probably right, I will just have to be patient.