Wondered if anyone could confirm the time when the daily balance is calculated for interest purposes? For example, if a debit card is used to pay £1000 from a Tesco current account on a Wednesday and is shown on the account on the Thursday, if money is transferred in from a Tesco savings account prior to 4.00 pm, is any interest lost on the current account? I realise the interest on £1000 for a day amounts to about 8p, less tax - just enough to buy a carrier bag. :)
Interest is calculated daily on your end of day balance - I don't have a set time to give. With the example given, funds “held” due to debit card authorisations continue to be included in calculations to work out interest. Only once the funds are cleared and posted to the account they will then stop earning interest. I hope this information helps!
Thanks Ashley. It was really the exact time that the daily balance is calculated that I was interested in. It doesn't seem to be given anywhere on either the Tesco website or in the T&Cs. I was asking as the broker I use always pays withdrawals into my account a few minutes after 4 pm, presumably to effectively hold onto my cash for an additional day. When I mentioned it in passing to a Tesco Bank staff member she *thought* the relevant time was midnight which surprised me.
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EmployeeHello 
17-06-16 09:44Thanks Ashley. It was really the exact time that the daily balance is calculated that I was interested in. It doesn't seem to be given anywhere on either the Tesco website or in the T&Cs. I was asking as the broker I use always pays withdrawals into my account a few minutes after 4 pm, presumably to effectively hold onto my cash for an additional day. When I mentioned it in passing to a Tesco Bank staff member she *thought* the relevant time was midnight which surprised me.
AshleighB
