How is interest calculated when applied annually to a savings account?
Accumulated monthly and then total applied at account anniversary?
Interest calculated on the value of the account at account anniversary?
Hi ChristpherP,
I have an Internet Savings account. Interest paid on yearly anniversary.
But is interest %age paid on amount in account on day of anniversary, or %age accruals throughout the year.
Eg, if I withdraw £10,000 mid-year, do I get 6-months of interest on amount including the £10K plus 6-months interest on amount less the £10K; or just %age interest of the amount less the £10K at end of year.
Hope that makes sense.
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ChristopherP
