if I have £3000 in a current account for 30 days and you calculate and add interest each day why is the interest earned £7.29.
My calculation would be £7.39 and that is based on exact £3000 per day. Tesco calculate the figure at 0.243 daily. If you are calculating to three decimal places then this should be £0.247
It's only a small amount per investor but I now wish to understand how you have made this calculation.
As now doubt would be 10,000's of other account holders.
I can see the £0.247 that you've mentioned has been based on the 3% AER, however, the rate customers get is 2.96% therefore this will be why the figure is less than you've worked out.
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How we collect and use your personal data
Tesco Bank which is a trading name of Barclays Bank UK PLC take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
The Tesco Bank online community (“The Community”) is for Tesco Bank customers, staff, contributors and supporters to discuss products, services, issues and matters of general interest. The Community content may be viewed by both members and non-members.
We encourage you to enjoy The Community. However, please note that by using The Community, you’re confirming to us that you’ve read and have agreed to be bound by these Terms of Service and our House Rules. If you’re unable to accept these Terms of Service and/or our House Rules for any reason, please do not use The Community.
To the extent that there’s any conflict between these Terms of Service, our House Rules, or any other document, posting or communication connected to The Community, these Terms of Service will prevail.
Any reference to “we,” “us,”, “our” is a reference to Tesco Bank which is a trading name of Barclays Bank UK PLC..
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Choice of law and location for resolving disputes
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Modifying these Terms of Service
We reserve the right, in our sole discretion, to modify these Terms of Service at any time without notice. Modified Terms of Service are effective as soon as they are posted. We also reserve the right to waive or modify any of these Terms of Service as they apply to a specific posting, communication or user without affecting the application of these Terms of Service to all other postings, communications and users. Your continued use of The Community, or any content or services accessible through it, after modified Terms of Service are posted means you accept the modifications. We may also make any changes to the look and feel of The Community at any time without notice.
AshleighB
