Annual interest

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Hi, I'm not very finance savvy. I've had a considerable amount of money in my bank account for over a year awaiting a house purchase. Interest is paid yearly in November. We are due to complete on the house in September. Have I messed things up completely so I won't get interest on the full amount? (I mean is annual interest normally calculated on the current amount in the account, or is it based on the amount held in the account over the year?)

Sorry for the basic question, but hoping you guys can help me.

Interest is calculated daily but just applied annually so you should be fine OP

I would expect interest to be calculated daily and paid annually so you would still get some interest. It wouldn't be based on the balance on a certain day as that could work the other way - eg you only put the money into the account just before the interest is paid.

Thanks both. You've put my mind at ease!

As the interest is paid annually rather than monthly, then you could be liable for tax on the interest, depending on how much and your level of income.