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Standard Rate Interest is paid into your Account on the 31st March.
Any Bonus Interest earned is paid at the end of the Bonus Period.
I'm confused by the interest being paid in March. Is this the March during the financial year, or the March following the year anniversary of the account opening? If it's during, and you open an account in February, do you get the interest the next month? If it's after the year anniversary, and you opened the account in April, do you then have to wait 11 months before you get the interest payment?
Why not just pay the interest (bonus rate or standard rate) a year after the account was opened?
Hi @spinfaster, sorry to hear you're confused by the account. The standard rate interest is paid at the end of March, after the account is opened. For example, if you were to open the account today, you'd receive your first interest payment at the end of March 2018. Your bonus interest would then be paid on the 30th of November next year.
We did this originally so that anyone who needed to report their gross and net interest would be able to do that in time for the new tax year starting. While all our accounts are paid gross now, the accounts still follow the same schedule as before. This may change in the future, and if it does, we'd notify our customers.
@ScottW Thanks for the explanation. Makes much more sense now!
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