Brendan,
Thank you for your prompt and helpful reply.
Am I correct to assume that capitalising in this way on a monthly basis, as opposed to a quarterly basis, is more beneficial to me as the borrower in circumstances where the accumulated capital balance (including additional daily interest) by every 30th day is paid off quicker (i.e. every month, as opposed to every quarter) and is therefore not allowed to accumulate to a higher figure which it would if it was allowed to increase over a period of 3 months instead of one month. [Presumably this is why people 'way back when' were permitted by banks to make fortnightly payments on their mortgage account, instead of only once per month as is currently allowed]
I hope I am being clear. Thank you for your time.