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LBC Digital HISA Interest Payment Schedule
September 20, 2020
6:44 am
gemiran
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LBC Digital states "Interest rates are annual. Interest is calculated daily on the closing balance and paid monthly on the last day of the month into the account. All rates are subject to change at any time without prior notice."

I just opened an HISA a/c (in order to buy a GIC). I'm seeing an interest payment occurring every day, not the expected monthly payment. Is anyone else seeing this? Seems odd to me.

September 20, 2020
8:46 am
picassocat
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I'm with the sister bank B2b and there is no daily interest for me.

September 20, 2020
10:23 am
AltaRed
BC Interior
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I don't see any daily interest being booked in my LBC Digital savings account. Interest is paid monthly.

September 20, 2020
10:41 am
Norman1
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No daily interest payments on my HISA either. Just past interest payments at the end of previous months.

September 21, 2020
5:02 am
gemiran
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Thanks everyone for your responses. Well, this is bizarre then.

I opened HISA a/c and transferred money across on 16th and online I have interest payments showing up daily, 17th, 18th, 19th, 20th. And my available money (waiting on 5 day hold of original transfer) goes up each day by the added interest amount. My plan is to buy GICs so this 'problem' should go away, although will be interesting to see if they consolidate into a single end of month entry when move into October.

September 21, 2020
7:18 am
Norman1
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Sounds like your HISA is configured for daily compounding!

You may wish to contact LBC Digital and see what they say. Once one logs in to online banking, one can message them through an internal e-mail system. Click on the envelope icon (✉) in the top right of the online banking page, beside the log out icon.

September 21, 2020
10:00 am
Bill
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I've noticed some of these banks show GICs increasing every day as you're earning interest but not seen it on a HISA.

I'd wait till October to see what happens, maybe you're getting double interest or something weird and wonderful like that.

October 9, 2020
1:59 pm
gemiran
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Got an email today. It was a system error, "We recently identified an error that resulted in your LBC Digital HISA account temporarily paying interest daily, rather than monthly for the period on or after September 12th to September 28th."

Should be monthly as expected now.

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