Let's assume there is an interest rate of 0.61%. So, the interest is 0.61% AER which is then divided by 365 and paid daily. The interest rate is for the year, not per day however interest is paid daily.
A calculation found online is shown below:
I am putting an amount of 20000 as an example. Based on the image above I should get the following:
which means the interest is nearly
10 pounds for 30 days? And
122 pounds for 365 days?
A calculator for a normal interest online for a year also gave me this:
In either case, the interest seems a bit unreal for a fcsc bank. Is there a chance that I will get taxed on any amount?