What does Gross Interest Rate mean?

The gross interest rate is the amount of money you’ve earned as interest from your Tide Instant Saver account, without the impact of compounding or tax (compounding is where interest earned previously is included in future interest calculations). We calculate the gross interest daily and pay it into your Tide Instant Saver account on a monthly basis, on the first day of the following month. This means that the interest calculated for the first day of the month is not included in the balance used for the interest calculation on the second day of the month and so on. Once the interest has been paid into your Tide Instant Saver account, it’s included in future interest calculations (unless you withdraw it). This means that the interest for a Tide Instant Saver is calculated daily but compounds monthly.

If you set up a transfer, the payment should arrive in your payee's account within minutes. This will depend on where you're sending the money. Some banks can take two hours or more to process Faster Payments so it might take up to four hours to arrive with your payee.

If you've set up a transfer and it still hasn't arrived after four hours, message us and we'll do our best to help. In the app, go to Support to send us a message.

Good to know: Tide to Tide transfers are instant.