Nationwide e-savings

[iwbus]

Just been looking at the details of Nationwide's online only "e-savings" account which has a rate of 4.75% which is paid on the 31 March. Does this mean that I could ship all my available money into the account on the 30th, get the interest paid on the 31st and then ship my new sum back out of the account on the 1st? Surely it can't be that easy to earn some extra money....can it?

[kempie]

How much extra money would one day's interest at 4.75% gross per annum (AER) amount to?

e.g. If your total available cash is �10,000 and you pay income tax at the lower rate you would earn approximately �1.02 (or �1.27 for a non taxpayer).

...and if this money (or part of it) is already in an account earning interest then of course the extra you would gain would be smaller than the example above.

[dzug]

It's paid on March 31 but it's calculated on a daily basis so you'd only get a day's interest.