Account interest - how to track??

dweeby

Hi,

Recently sold our house and moved into rented accomodation, whilst waiting for the right house to come along. We opened 2 joint bank accounts, one with ICICI and the other with Icesave - and we deposited 50% of our "equity" in each.

Between the 2 accounts, the interest should be >£600/month, but how can I keep track of this? Presumably they'll add interest once annually, but how could I track it monthly (or daily)?

Can always calculate it, based on net interest - but there must be a better way(??).

If I wanted to withdraw all the money at some point, would (or could) the interest be added then??

TIA!

RayWolfe

If interest is paid annually that is when you would know how much the interest is. You can of, course calculate it yourself, daily, monthly, whatever. Interest will be paid pro rata on account closure.

neilp

ICICI adds interest monthly - it is in the account on the 1st of each month.

Stompa

With Icesave you have the option to have your interest paid annually or monthly, which did you choose?

dweeby

Neilp - thanks for that, should be fine then.

Stompa - I dunno, but thanks for alerting me. I'll have to find out and change to monthly (assuming I chose annually).

neilp

Icesave lets you choose between monthly or annual interest. The APR is slightly lower for monthly, though I think the AER is the same for both.