Expired

How do you earn interest?

9
Found 3rd Apr
How long do you need to keep your money in a savings account to get your interest?

If you put £10000 in an account for a week for example then removed it, would you earn interest on that? Or would you need to leave it in for a certain period of time

Thanks
Community Updates
Ask
9 Comments
Yes, interest is earned and calculated on a daily basis , but normally only credited annually unless you close the account .
Edited by: "rogparki" 3rd Apr
rogparki26 m ago

Yes, interest is earned and calculated on a daily basis , but normally …Yes, interest is earned and calculated on a daily basis , but normally only credited annually unless you close the account .


I get interest credited monthly with my TSB Plus account.
Depends on the account. Some demand you lock the the money away for a certain amount of time, some calculate daily and pay monthly, others annually.
hearts2241 m ago

I get interest credited monthly with my TSB Plus account.



Yes so do I . That's why I stated "normally " - as the majority of savings accounts work on a "calculate daily , pay annually model" .
RCI pays interest monthly, pretty fair rate for instant access
all accounts that pay interest will give you daily interest but they would only pay the interest monthly or annually depending on account. but they all pay interest when you close the account.
mutley127 m ago

all accounts that pay interest will give you daily interest but they would …all accounts that pay interest will give you daily interest but they would only pay the interest monthly or annually depending on account. but they all pay interest when you close the account.


Not all pay when you close the account, if you close early you forfeit interest on many fixed accounts.

op read the moneysaving link, good place to start
eslick8 h, 52 m ago

Not all pay when you close the account, if you close early you forfeit …Not all pay when you close the account, if you close early you forfeit interest on many fixed accounts.op read the moneysaving link, good place to start


agree. the exception to accounts not paying the interest owed on closing the account are those that are fixed for a certain length of time as then you have broken your promise to leave your money in there for that agreed amount of time when you opened the account.

some of those have penalty clauses so you may still get some interest, but you may lose some of it for early withdrawal. some fixed savings accounts do not allow early withdrawal at all.

but if you put money into an instant access account, then the interest will be calculated up to date of closure and paid when you close your account, or earlier monthly / annually if you keep the account for a while.
Post a comment
Avatar
@
    Text

    Top Discussions