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Interest and tax calculation example

Consider a balance of €1,000 with a 2.5% per annum (p.a.) interest rate, compounded daily:

Day 2

• Interest accrued: €1,000 * 2.50%/365 = €0.0684932
• Interest paid: €0.06 (remaining amount keeps accruing until it becomes €0.01)
• New balance: €1,000 + €0.06 = €1,000.06

Day 3

• Interest accrued: €1,000.06 * 2.50%/365 = €0.0684973
• Interest paid: €0.06 + €0.01 = €0.07 (accrued interest of Day 1: €0.0084932 and Day 2: €0.0084973)
• New balance: €1,000.06 + €0.07 = €1,000.13

More information

The per annum (p.a.) interest rate on your Instant Access Savings will depend on your plan. To see all applicable rates, visit our Instant Access Savings page on our website.