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rubyredhead
Posts: 15 Forumite
Hey, sorry I'm new to having a bank account that pays interest. How does the 5% get paid? Is it on how much you've had in your account over the month or just how much has been paid in? (ie: if you spend all your wages on the first day would you get nothing? As opposed to leaving them in the whole month? Is it 5% you get per month, or is that over a whole year?
Sorry I can on imagine how daft I sound lol
Sorry I can on imagine how daft I sound lol
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It's 5% per year, calculated daily as with all accounts, so if your balance fluctuates then so will the amount of interest you receive.0
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I've just opened one of these for myself today. The money will be paid at the end of the month provided you leave money in for the interest to accrue. If the balance changes, as mentioned, then the amount you get will vary as it is daily balance that pays interest. If you pay money in one day, then spend it all the next, then you'll only get one day's interest.
If you want to be able to get something without leaving much money in because you need to spend it, then you may be better off with a Halifax Reward account. With that one, provided you have 2 active direct debits, and pay in £750, they give you £5. No need to keep the money in there to get the fiver. Just have enough for the direct debits.0 -
I've just opened one of these for myself today. The money will be paid at the end of the month provided you leave money in for the interest to accrue. If the balance changes, as mentioned, then the amount you get will vary as it is daily balance that pays interest. If you pay money in one day, then spend it all the next, then you'll only get one day's interest.
If you want to be able to get something without leaving much money in because you need to spend it, then you may be better off with a Halifax Reward account. With that one, provided you have 2 active direct debits, and pay in £750, they give you £5. No need to keep the money in there to get the fiver. Just have enough for the direct debits.
Thank you
Yes the word I was looking for was clearly 'accrue'. Sorry for waffling on lol. The Halifax one does sound much better, unfortunately I pay in just shy of £750 a month so would be no good to me. Hopefully someone else will find it helpful! 0 -
Actually, if you get paid £700, then you can send £50 to another account, then send it back again. That will add up to £750. Doesn't have to be in a single transaction. Also, can be £50 from anywhere else.
"Interest for this account is actually paid on the 2nd working day of the following month."
Ah okay. Think I do get it first of the month in my Clydesdale. This TSB ones new to me. Thanks for the correction.
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lol I stand corrected again. cheers.
Yeah, just checked and got mine on 31st March.0
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