Interest Calculation - please help

YorkshireBoy

Because the interest was paid on the 29th (ie what their systems think is the first day of the next month), it can't include interest earned for that day.

I don't have this account, but it looks like you can secure message your query from your online area.

However, I suspect what will happen is that you'll be paid 32 days interest for March when it's paid on 1st April.

Hazzanet

ad44downey wrote: »

but the AER is 6.4%. so surely you'd expect to get 1.064 at the end of the year and not 1.0622 as you state.

Using 6.4%, 28 days gives £773.02, 29 gives £800.71 (out of 366 days)

In that case, yes I would concur that 28 days have been credited.

OR

If they've done 28/365 days, it's £775.15 which is even closer to the credited figure (assuming they've used 365 days and 28 in Feb).

ManAtHome

Apparently most banks etc "forget" leap-day... http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/01/ccdiary101.xml

napoleon

ManAtHome wrote: »

Apparently most banks etc "forget" leap-day... http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/01/ccdiary101.xml

I e-mailed them a few days ago but have had no reply so far. I expect this is the explantion they will come up with. Thanks.

Trying_to_be_good

Does this mean most mortgage banks also 'forget' leap day?!