Skipton and leap years

surreysaver

Just had an email off the Skipton to clarify they don't pay interest on 29th February.
Not sure this clarifies anything?

Does it mean what it says, or does it mean you don't earn interest on 29th February?

Woodstok2000

It means that you don't earn any extra interest just because theres an extra day in the year.

wiseonesomeofthetime

Woodstok2000 said:

It means that you don't earn any extra interest just because theres an extra day in the year.

Those that wish to make a point could always with draw it on 28 Feb and redeposit on 1 March, however, that's not an action I could be bothered to do

eskbanker

Woodstok2000 said:

It means that you don't earn any extra interest just because theres an extra day in the year.

And it cuts both ways, you also don't pay any more on mortgages with them in leap years.

surreysaver

eskbanker said:

Woodstok2000 said:

It means that you don't earn any extra interest just because theres an extra day in the year.

And it cuts both ways, you also don't pay any more on mortgages with them in leap years.

So, it's not a clarification then, it's a disclarification? They do pay interest on 29th February, but you don't earn it on 29th February?

eskbanker

surreysaver said:

eskbanker said:

Woodstok2000 said:

It means that you don't earn any extra interest just because theres an extra day in the year.

And it cuts both ways, you also don't pay any more on mortgages with them in leap years.

So, it's not a clarification then, it's a disclarification? They do pay interest on 29th February, but you don't earn it on 29th February?

Their (and my) use of 'pay' is perhaps careless, as it's nothing to do with whether transactions actually occur on the 29th, it's intended to signify that interest is neither earned (savings) nor charged (mortgages) on that day.

Woodstok2000

Of course, on the flip side, you get a day of your mortgage interest free too...

On-the-coast

I’m salaried.  

Looks like my hourly rate is going to be a tiny bit smaller in 2028. 

I’ll cope!

Woodstok2000

On-the-coast said:

I’m salaried.  

Looks like my hourly rate is going to be a tiny bit smaller in 2028. 

I’ll cope!

Im taking an extra 2 minutes o  my lunch break every other day of the year to make up for it.

surreysaver

On-the-coast said:

I’m salaried.  

Looks like my hourly rate is going to be a tiny bit smaller in 2028. 

I’ll cope!

I get paid every four weeks, so makes no difference. My hourly rate if I work overtime takes account of leap years, so I get slightly more an hour in non-leap years, and a bit less in leap years for overtime 

Kim_13

New thread idea: Providers who pay interest on 29th February.

I recall reading in Nationwide's terms years ago that they don't, so I find myself wondering if many/any actually do.