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Weekend deposit interest
November 30, 2019
6:25 am
Bud
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Is interest paid Saturday and Sunday if funds deposited on the weekend. Ive noticed one bank time stamp online a weekend deposit the following business day Monday

GIC King

November 30, 2019
8:11 am
Doug
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Good question, Bud, but often the date you're seeing is the posting date not the transaction date. Rest assured, unless otherwise stated, interest is calculated daily and paid monthly on the end of day closing balance. It's based on a 365 day year (366 next year).

Cheers,
Doug

November 30, 2019
8:14 am
Norman1
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That's common practice.

Interest is paid for money still on deposit Saturday and Sunday. However, one usually can only deposit money in, for interest calculation purposes, on a business day.

So, one will need to deposit the money in on the business day before the weekend.

November 30, 2019
9:55 am
Bill
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So if you bought a 1-year GIC last March 1 or later you have to hold it for 366 days to get your year's interest, I guess.

November 30, 2019
1:24 pm
Righand
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Bill said
So if you bought a 1-year GIC last March 1 or later you have to hold it for 366 days to get your year's interest, I guess.  

It's not really a big deal because you'll be paid for 366 days, at least that has been my experience but lately with HISA's paying more I've been avoiding the 1 year issues.

November 30, 2019
4:17 pm
Norman1
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I'm not so sure about getting extra interest for the leap day with a one-year GIC.

Maturity is one calendar year, regardless of length of the year. If the interest is compounded monthly, then one could extra interest for the leap day. But, if the interest is compounded or paid out annually, then one will just get the quoted interest per annum, regardless of the days in the year.

November 30, 2019
8:30 pm
Bud
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same thing line of credit why pay it back Sat or Sun if they dont credit till Mon. Dont let them use ur funds for free

frontline bank staff has no idea..

GIC King

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