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.