The order and features of the accrual of income
According to the general terms of the Agreement “On the order of servicing in Attonomy Ltd Internet Bank“, the income rate on clients deposits is 1% for 1 calendar day. That is, one percent of the total amount of the deposit belonging to the client, which has been staying continuously in his account for the last twenty-four hours, is added to the client deposit.
Accrued income is automatically added to the amount of the current balance on the client's account and becomes available for withdrawal. Further connection of the client's accrued income occurs every twenty-four hours and is repeated indefinitely and regularly, as long as the positive balance of the client account remains.
The sum of all the money added to the sum of the current client's current balance as income later also accrues client income (the so-called recapitalization of the income received). The accrual of income on the client's account is interrupted if the client withdraws all funds from his account in full before the end of the 24-hour period.
According to the general terms of the Agreement, the size of the income rate on clients deposits is constant and cannot be changed.
The income is accrued once a day, daily - at the same fixed time, namely, at 09.00 London time.
At the same time, it is necessary to take into account that the income is accrued after 24 twenty four hours by the time of the first accrual.
That is, for example, if the client made a deposit on July 1, 2019 at 10-00 am London time, then the income on his deposit will be assessed only on July 3, 2019 at 9-00 am London time, because at the time of the previous accrual (i.e. 2 July 2019 at 9:00 am London time), the deposit was on the client's account for only 23, not 24 hours. And then every day.
And therefore, in order for a deposit made on July 1, 2019, to accrue income on July 2, 2019, this deposit must be made on July 1, 2019 at any time before 10:00 am London time. For example, at 8-00 am London time.
Any questions on the order and features of the accrual of income on client deposits in the Internet Bank AttonBank can be set in the Customer's Personal Cabinet, or here.