Overnight interest bearing savings account

The Ing one you suggested looked like a savings account that earned interest daily, not what you suggested.

Most accounts that earn interest in the U.K. also earn it daily, they just don’t pay daily.

It been around since 2008 with ING while the versions may change form country to country it really isnt as complicated as you think its just a matter of the bank deciding to share interest with you on a daily basis or not

just a software add on once the policy changes

how can you not see a benefit for the customer when they can earn interest on an account after a day and take it out ?

Can you post a link to the ING webpage that explains overnight interest please?

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Can you link to the ing account? Because I only found a savings one.

How would your suggestion be better than getting interest on all your balance 24hours a day? Which is what is normally done in the U.K.


I deleted this. Perhaps I was being a little harsh.

Just felt that you were flogging a concept which doesn’t appear to be do-able, and multiple people have said so.

All T’best

Eden no offense here i see that you are an investor for monzo but it puzzles me may be i am not putting it right in words

so i will try again

so if your monthly outgoings are 2000 pounds and monzo gives you a current save account - i just made that name up by the way -

and you are able to earn interest on that amount on a daily basis until your bills and rent are due wouldnt you use that oppurtunity thinking every little helps ? thus making monzo your main account

I dont know about not doable because i use one with ING perhaps new to the uk and would certainly be a game changer if monzo were to introduce it

Thats why i started this thread as a suggestion

I’m pretty sure interest is calculated daily but paid monthly - so the Monzo Plus interest offering does what you are describing?

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but do you get that interest calculated paid to you if you spend your money before the month ends ?

As I just said, if it is calculated daily, then yes obviously - you aren’t given interest calculated on one specific day of the month, otherwise people would just dump money in to get the interest, its done daily.

So whats wrong with that ? as long as your money is from a legit source ?

Thank you I’ll have a read later.

This should hopefully help explain what you’re after a little better too :slight_smile:

Well because it is fundamentally unfair. Something core to the UK banking market is that it should be fair and treat customers equally.

Would be a bit unfair if a customer has all their DDs and SOs come out the day before the interest is calculated - so they do it daily (I’m just fact checking this)

This confirms that interest is calculated daily and paid monthly.

This is a savings account not a current account. Interest is calculated daily the same as all U.K. accounts on money deposited that day.

If it actually pays the interest into your account daily as well, this is all your actually asking for?

I don’t think there’s much interest for that. What am I supposed to do with 3p a day in interest?

The interest is also low by the looks of it. So you’d be better

Your suggestion also differs in that what you suggest is that you earn interest only over night and only on money over your commutes spend. This halves your potential interest earned.

Why would this be better than just warning a flat interest on your available balance?

The bank calculates and pays the interest at around 4 am every morning before the bank is open for business

it will be just be software add on

we can go on and on on about what is fair what is not i am just saying its doable been done in other markets and monzo if wanted could introduce this to gain market share rapidly

As far as I am aware, Monzo doesn’t have the ability (in terms of infrastructure and expertise) to do this. Customer funds are held in the Bank of England.

Monzo doesn’t close.

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Guys do you really think i am making up a product that doesnt exsisit just because you cant get your heads around the idea

its there i use it

It has a current account / savings account version too

when its an electronic version it gives a better rate

stop the resistance there is nothing in it for me

and i will get that 3 p bettter then nothing

its paid daily unlike the calculated but paid monthly