I've deposited money into my Savings Account – why isn't it earning interest yet?
Your money needs to arrive at the partner bank before it can start earning interest.
Settlement typically occurs on the next business day, which means your funds will be transferred and confirmed with the partner bank on that day and the interest payment is made on the next business day, after the settlement of funds has occurred.
For instance, if you deposit funds on a Friday, the settlement will likely happen on the following Monday.
Consequently, you'll start earning interest on the deposited funds from Tuesday onwards, which is the next business day after the settlement.
For example, let's say you already have an existing Savings Account with a settled balance of £1,000, and you make an additional deposit of £1,500. In this scenario, the interest on the additional £1,500 will start accruing on the next business day after the settlement occurs.