How to work out interest on web saver account, (Bank of Scotland)?I am due to be paid interest on my variable web saver account with the Bank of Scotland (5.15%) how is this calculated? i have allready emailed the bank but as usual you never get a straight answer, my balance has fluctulated over the year. Thank you |
I would guess that they average the account size by taking the lowest balance each day and then averaging that to to get what to apply the interest rate to.
You could check the terms and conditions and see how frequently interest is accrued. It might be that it is paid annually but based on a daily balance for example. If you really wanted to calculate it in this example, you would need to know your closing balance on every day of the year and also what the interest rate was, bearing in mind that Bank of England base rates will have changed. In reality, you just have to trust them.
