Interest Calculation for Cash Savings Accounts

At Prosper, we want to make sure you are getting the most out of your cash savings account. That's why we want to explain how interest is calculated and paid to you.

First, it's important to note that interest is calculated daily for cash savings accounts. This means that every day, your account is earning interest based on the balance in your account.

However, you may notice that the interest calculation is not reflected in your account over the weekend. This is because interest is only calculated and applied during normal banking hours. So, if you make a deposit or withdrawal on a weekend, the interest will not be affected until the next business day.

Now, you may be wondering how exactly the interest will be paid to you. The answer to that question can be found in your individual account summary. Each cash savings account product has its own information summary that explains when and how interest will be paid into your account.

For example, some accounts may have interest paid into your account daily, like in the following example taken from a product summary:

4.90% Gross / 5.02% AER* interest will be paid by Bloggs Bank daily into your 90 Day Notice (Base Tracker) account and compounded.

Other accounts may have a bonus boost applied by Prosper, which will be paid on the anniversary of the account opening or on the closing of the account. An example of this can be seen below:

An additional 0.13% Gross / 0.13% AER* boost will be paid by Prosper on each anniversary of the account opening and on the closing of the account, to your nominated bank account.

We hope this article has helped clarify how interest is calculated and paid for your cash savings account. If you have any further questions, please don't hesitate to reach out to our customer support team.

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