Why am I not earning interest regularly on my deposit?
You'll earn interest on your deposits every day after the settlement takes place. However, if your interest earned for that day is less than 0.01 GBP/USD/EUR, it won't be paid to you until the cumulative interest exceeds this amount.
Let's consider a constant balance of £100 and an annual gross yield of 1.5%, compounded daily:
Day 1: Interest earned = 100 x 1.5% / 365 = 0.004. Since the interest earned on Day 1 (0.004) is less than 0.01, it won't be paid out immediately
Day 2: The interest earned on Day 2 + Day 1 (0.008) is still less than 0.01, so it won't be paid out yet.
Day 3: The interest earned for Day 1 + Day 2 + Day 3 (0.012) exceeds 0.01, so it will be paid out and added to your balance.
From Day 4 onwards, the same process will continue.