I have two current accounts with Tesco Bank , both of which have recently been awarded monthly interest , which is lower than I normally get .I queried this over the phone today and was advised , it was due to only 27 days period , since the last interest payment was awarded .I have checked my Accounts , this has happened before , however I have still received more monthly interest , on previous occasions .have any other members noticed a reduction in their monthly interest this month ?
We can look into this for you, please send a message with your full name, DOB and postcode to @Tesco-Bank. Don't include the @ symbol when putting in the contact details via private message, just Tesco-Bank.
For details like your DOB and postcode, we ask for you to format it with additional spaces, i.e. A B 1 2 C D and 2 4 1 0 2 0 1 6 otherwise the information is removed by the system.
If you follow the link here@vanessa123, you'll see an option at the top that says "Send a message". Click on that and we'll be able to check on your account.
To clarify, you'll earn 3% AER credit interest on balances up to £3,000 until 1 April 2019. The interest is calculated daily and applied monthly and the interest will appear in the next month's statement. The statement month runs from the monthly anniversary of the date you opened your account, unless you’ve asked for it to be changed.
So, your interest is calculated daily on the balance you have in your account each day (for some customers their balance may change daily, therefore different interest is accumulated each day depending on the balance). However, even if you have the same balance in your account day in day out, each month the interest paid will differ slightly as it depends on the number of days that are in each statement month which then generates daily interest on each of those days, for example, a 28 day month will earn slightly less interest than a 31 day month as you're earning the interest per day (Remember it will also depend on when your statement period actually runs from, you can find this date within your last statement which will show you the exact dates it's being calculated from).
It's not as simple as adding up the yearly interest and dividing by 12 unfortunately which is where it can get a little confusing! Each statement month will accumulate slightly different interest payments with some being higher or lower than the previous month, this is dependent on the number of days in that statement period so it won't be exactly the same each month but it will still add up correctly across the year.
Remember it's also dependant on the daily account balance too!
I hope that makes sense, if you still think your interest has been calculated incorrectly please message our @Tesco-Bank account privately with your details and we'll look into this for you, full instructions on how to message us can be found here.
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EmployeeHi
01-06-18 22:31My interest amount varies often and I always have over £3000 in my account. I would like an answer as to why too?
jayirvine
