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Two lenders with identical tracker rates:
Lender 1 calculates the interest daily and applies it monthly
Lender 2 calculates the interest daily and applies it quarterly
Q1. Is the application of the interest very important? Does it mean that the benefit of having the interest calculated daily is worse with the quarterly application than the monthly application? Or doesn't it matter as long as interest is calculated daily?
Thanks for any help / advice offered.
Lender 1 calculates the interest daily and applies it monthly
Lender 2 calculates the interest daily and applies it quarterly
Q1. Is the application of the interest very important? Does it mean that the benefit of having the interest calculated daily is worse with the quarterly application than the monthly application? Or doesn't it matter as long as interest is calculated daily?
Thanks for any help / advice offered.