When is interest paid on Rabodirect savings account?

[moondance]

I know you get interest daily and you can view the interest amount but when is it actually added into your account? Is it once or twice a year? Does it depend on when you open the account?

 

[ClubMan]

Annually as far as I know.

Update: as I suspected - from their [broken link removed]:

2.8 Interest is credited to your RaboDirect Savings
Account annually. It is credited in January in respect of
the previous calendar year. Interest credited in respect of
the previous calendar year will itself then bear interest
with effect from January in the new calendar year where it
remains in your RaboDirect Savings Account.

If you close the account then any accrued interest will be credited at that stage.

 

[NHG]

If you select the annual option it gets paid on 31/12 each year.

 

[ClubMan]

Not according to the terms & conditions above. Are you thinking of Northern Rock? I didn't think that Rabo had a monthly option for payment of interest.

 

[moondance]

That's grand, thanks for that!

 

[Godfather]

If you select the annual option it gets paid on 31/12 each year.

Never heard of any other option... As far as I'm aware the only opinion is annual...

 

[RaboDirect]

RaboDirect does not currently offer a monthly capitalisation account. It is something we are actively considering in 2008 due to customer demand. At the moment, interest is paid annually.

RaboDirect