For our Cash Lifetime ISA and savings accounts (Notice Accounts, Simple Saver, and Reward Savings Account), your underlying interest is calculated daily and is paid into your account on the 1st of every month. For our Open Access Cash ISA, interest is paid annually on the anniversary of your account opening.
Interest is calculated based on your “asset value” - which is the sum of all of your deposits plus any interest and government bonuses (for Cash Lifetime ISA) that has already been paid. The calculation we use for this figure will also take into account the compounding effect of any monthly paid interest.
In the Moneybox app, you can see how much interest you have earnt each day by viewing your “today’s interest” figure in the Wealth tab. You can also see how much interest you are due to receive for the current month in your account breakdown, accessible in Wealth > Tap on your account > Breakdown.
Additionally, you can find an example of how much interest you could earn for your account in the Summary Box found on our website, which can be accessed by selecting your chosen account under the ‘Savings’ heading, and scrolling down.
Please note that our advertised interest rates are annual equivalent rates (AER) and our rates are also variable, which means they could go up or down in future.
Information on how interest is calculated for our Cash ISA can be found here.