Anglo Irish Interest Calculations

My first time posting!!
Twelve months ago I put €6,000 in Anglo @ 6% for 1 year. Quite a simple calculation shows the yield is €360.

Got a statement recently showing €358.03 interest had been added at the end of the year. When I called to Anglo they couldn't explain the interest calculation.

Might be no harm for anyone with Anglo accounts to check the interest added to their accounts

Regards

Looks like they onl credited interest for 363 days instead of 365. It might be something to do with the way the weekend falls

... or it may be that the initial lodgment wasn't cleared for a few days and perhaps didn't earn any interest during that period.

I have also noticed small discrepancies in Anglo's calculations.
Not much just a matter of cents or a Euro but it's strange all the same.

If it was a one year term deposit, then by definition you should be entitled to 365 days interest from settlement date of the deposit.

I suggest you re-query the calculation with Anglo.

... it's actually 363 days interest - really think it's down to uncleared lodgment.

Question: are you non-resident? looks like DIRT hasn't been deducted.

registree said:

Got a statement recently showing €358.03 interest had been added at the end of the year. When I called to Anglo they couldn't explain the interest calculation.

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You'd be better to contact the bank and seek an explanation, ask to speak to a Manager, rather than ask this forum to explain it. Let us know what they say.

fungus said:

If it was a one year term deposit, then by definition you should be entitled to 365 days interest from settlement date of the deposit.

I suggest you re-query the calculation with Anglo.

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I have deposited funds with Anglo from time to time. I have noticed that they will give same day value on Bank Drafts but will not give it on Building Society cheques nor personal cheques. I queried this fact with them and an "adjustment" was made to the interest that was credited. I also found that it depends on the person that you are dealing with.
I also made a similar deposit with Investec and because it was made after 11 a.m they refused to give me same day value on my bank draft.
I don't see why I am at the mercy of their systems so I will not be renewing my account with them when it matures.

Bronco Lane said:

I don't see why I am at the mercy of their systems so I will not be renewing my account with them when it matures.

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Be sure to call them first before you move. They may well offer you extra to stay. For instance my brother called in to bank asking to move current acc with Halifax when offered think €150 to switch. His current bank then credited his account with €150 to stay.

dubrov said:

Looks like they onl credited interest for 363 days instead of 365. It might be something to do with the way the weekend falls

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Basing my reposne on my own Anglo account - the 1 year term relates to the time the account was opened not the time the money was deposited. The missing two days probably relates to the time it took for the cheque to clear or the electronic transfer to go through.

Have to say I find the Anglos online banking very good in terms of the account information they give you. Shame you can't transfer money using it