Interest on Savings

gaz wac

Hi,

Have a very quick question. I have cash in my bank account and also my credit union account. My banks interest hits my account on the 21st Nov. My questions is, what happens if I get my interest on the 21st, took all my cash out and lodge in into my C.U and wait for their interest to hit my account? Is interest based on the cash you build up over the year or how much you have in the account on that day ?

Thanks

515

Credit Union calculates the interest daily... so 10k in for one day is like having 27euro in for a year.

gaz wac

And is it only applied to your account once a year ? i received my interest in a lump sum from the C.U last year...middle of Dec if I remember correctly ?

Cheers

LionelNashe

gaz wac wrote: »

Hi,

Is interest based on the cash you build up over the year or how much you have in the account on that day ?

Thanks

Unfortunately, you can't get the benefit of the full year's interest just by sticking your cash on a particular day of the year..that would be too easy.

chris85

interest is calculated daily and applied on a quarterly basis or yearly basis or some specific period... not just calculated on one single day of the year

gaz wac

Thanks for all the replys, big figures involved, so it was worth asking

Cheers

Wac