Bank interest

[weecalf]

How is it done .Every year interest is paid in say october .Right if you are lucky enough to have say 20,000 in the bank then do you get the percentage of that but if you were saving and had say 19 000 in in september then do they calculate each months amount and how long does it have to be in the bank to gain interes ?t

[factor-fiction]

It's calculated daily based on the balance each day

[factor-fiction]

Otherwise people could just put £10000 in on 30 September, claim a full year's interest on 1st October, then withdraw it all

[weecalf]

Then do you get interest on the interest ?

[Granger99]

Interest is paid at the end of the year and gains interest the next year.
I know that as I had £10,000 in a fixed term bond, the gross interest paid after 1 year was £400.
Factor30 can advise you as he is the man with the money.

[ubasses]

when year 1 interest is credited to account interest starts accruing on it

[factor-fiction]

... please leave it alone Granger99. Don't rub it in just because you have lots of money, two properties and a BMW while I'm unemployed.

[sunny-dave]

He could at least lend you his Honda Jazz at weekends, factor ...

[factor-fiction]

That was different user name.

[Psybbo]

Babes xx

[tonyav]

factor, am I right in thinking Sutton Colfield.

[Granger99]

Factor30

I am a pensioner and do not get my state pension yet or a free bus pass.
If I was still employed by by the company I worked for or a Jobseeker or a state pensioner I would get an £8 reduction per month for my local leisure centre membership.
My pension statements are not accepted for these benefits.

[factor-fiction]

Yes tovyav- Sutton Coldfield.

[factor-fiction]

oops, Colfield

[tonyav]

Mmmm as I thought.

[gina32]

it is coldfield,

[factor-fiction]

weecalf-I think this has answered it. Some accounts add interest annually. Some add it at different intervals-maybe monthly. Just think of interest as being calculated on the average daily balance

tonyav- were you thinking of this thread
http://www.theanswerb...uestion1152862-5.html

[tonyav]

Yep, that's the one, factor.

[factor-fiction]

Maybe we are at slightly cross-purposes tonyav- Granger99 lives in Solihull according to his Council Tax thread.

[tonyav]

Ah, righto, factor.

[weecalf]

Thanks all