Please help before i complain to the bank

YorkshireBoy

lavamoney wrote: »

I realise interest is calculated on each monthly balance

Interest is calculated daily, accrues in the background, and is paid once per annum.

In fact, there are two interest calculations performed each day...one for the underlying interest rate of (currently) 2.85% AER, and another for the bonus rate of 3.5% AER.

So for example, for each day you have, say, £500 in the account the interest for that day will be calculated as...

£500 x 2.85% / 365 = £0.039
£500 x 3.50% / 365 = £0.048
Total................... = £0.087