Interest on easy access interest account

Hi all
I have only made deposits to (No withdrawals from) my interest account in the last couple of weeks. So my balance has only been going UP.

However my interest payment from today is a penny less than it has been. Any good reason why would that be?!

When the interest is calculated it is paid out in whole pence. This means some days it will fluctuate the amount (as the current days interest might not amount to an additional full pence).

For example, if you have £1000 in the account, the daily interest bounces around 2p and 3p daily. This is because daily interest on that amount is something like 2.47 pence a day (my maths might be off on that).

Hopefully that answers your question.

Thank you ninjajimbo! Answers it perfectly.

Thanks @Ninjajimbo - that pretty much sums (ha!) it up :slight_smile: