Interest Payments
Interest Payments
With interest payments it is important to know when the interest will be paid into your account and when the interest begins to accumulate, as this can make a real difference to the account you select.
Any interest will be put into your account either monthly or on a yearly basis, with the latter generally providing a better rate, although this rate can drop if you make more than a specified number of withdrawals or switch accounts before end-year period stated.
The majority of accounts start to accumulate your interest from the day that your money is paid in, but some others only add it up on a monthly basis, so be aware when choosing your account as you could be losing out.
All of the information regarding interest payments is usually located in the terms and conditions section of the account information, which is the one that many people neglect to read before signing on the dotted line!
Any extra benefits and charges will be listed here so remember to double check your terms and conditions.
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