When will I start to earn interest on my deposit?

When you start to earn interest will depend on how the deposit is made and the account you have opened.

For fixed term accounts, you  will start to earn interest when we have received the total deposit as stated on the application. For notice accounts, you  will start to earn interest when the minimum balance requirement has been met.

For deposits made by Faster Payments or CHAPS Payment, we will receive these on the same day that you have sent them, subject to cut-off times of the sending bank. These will be treated as cleared funds upon receipt and interest will accrue from the date of receipt.

For deposits made by BACS transfer, we will receive these two working days after you have sent them. These will be treated as cleared funds upon receipt and interest will accrue from the date of receipt.

For deposits made by cheque to fund an open account, these will be treated as cleared funds from the first working day after we credit your account.  If a cheque has been paid into your account but is later returned unpaid, we will reverse the credit (including any accrued interest) and inform you this has happened.