[SKO]

My account interest rate is 1.5% p/m and the balance at the end of the month was £200, why was I charged £14 interest?

Even if you calculate the start balance of $450 the max interest should be no more than £6.75

[KellyT]

Hi @SKO, please send us over a private message to @Tesco-Bank .

[SKO]

Well, actually I got through to someone over the phone who tried to explain to me a long-winded reason for how you are charging me the interest on the full amount of the statement over 6 weeks since I didn't pay the entire balance,

Anyhow I think that it is rubbish, you can only charge me interest on money that I borrow from you, not on what you decide to imagine and stretch the facts

[KevinC]

Hi @SKO . Interest is charged a month in arrears up to the date of the latest statement. For talking sake, if your last statement was on the 10th November, then the interest at present on the account is charged on the balance up to that date. If you then cleared the balance off on the 20th November, then you would have a final 10 days interest to pay (10-20th November) and that would show on the following statement. As long as you then continue to pay the balance in full thereafter, no more interest would be applied - Kevin