Please Explain "Interest calculated daily and paid annually at the end of December

[justsally]

Sorry if this has been explained elsewhere. What does the above mean. I want to transfer my deposit from a low interest account in one bank to another institution offering a better interest rate. If I close the former account now will I lose the interest which has not yet been added????

Thanks

 

[Lightning]

Re: Interest calculated daily and paid annually at the end of December

You should not loose the interest.

It should be payable either on account closure date or on the next annual payment date.

 

[justsally]

Re: Please Explain "Interest calculated daily and paid annually at the end of Decembe

Great, thanks very much Fungus.