How does the interest work on NuWealth's notice accounts, and how often is it paid?

Our GB Bank 30-Day Notice Account offers 4.75% AER (variable) while our GB Bank 95-Day Notice Account offers 4.91% AER (variable). These accounts are variable rate accounts which means the interest rate may change over time. The interest rate will be locked in during your notice period once we have received notice to withdraw from you.

If the interest rate increases, the rate will be effective the next day after the bank announces the interest rate change. If the interest rate decreases, the rate will become effective for the same number of days as your notice period on the account. For example, with a 95-Day notice account, if the bank announces a change on the 1st September, the interest rate will become effective 95 days later from 5th December. 

With our GB Bank Notice Accounts, your interest is calculated daily, and paid on business days so you can benefit from daily compounded interest. You will also continue to earn daily interest during your notice period after initiating a withdrawal.