Any financial people on? How long does money need to be in your account before making some interest?

[DreamEvenBigger]

I have a lump sum from a house sale and need to pay it out again.

How long does it have to sit there before making anything? Even if only a couple of pounds? It’s a shame to move it too quickly, but I have to move it out soon.

Usually calculated daily, but is it in an interest earning account? Most current accounts earn 0% anyway.

It depends on the Ts & Cs of the account, there's no universal answer but you should find it easily on the bank's website

Most accounts accrue interest daily, so when you close the account you'll get exactly the number of days' interest the money was there for. If it goes in and out on the same day, there'll be no interest due. However, it does depend on the terms of the account.

I am interested to know where you've found an account paying a rate worth worrying about though. Good instant access accounts are about 0.5% ATM so £100k will make you £1.37 per day

If you put the money in an account and then closed the account the next day, a tiny amount of interest would be applied to the closing balance.

I'd be interested to know where you're thinking of putting it...

I’d take £1.37

It's one of my 'high' interest accounts, but the interest is low. I have to send the money over by tomorrow, but I thought why pass on the opportunity of making a £ or two?! I think the bank day closes at 23:45, so if I transfer it after this, it will go out tomorrow, but technically I’ve transferred it today and I might make something. It’s all about the principal rather than the actual, amount

I’m using the proceeds from one sale to pay a massive chunk off a different mortgage.

In that case the same applies at the other end . The sooner the money gets there, the fewer days you'll accrue interest charges.

Ive got 40k in a savings account which is going towards a house purchase...it earns me 0.34 pence per month...its crap.