How interest is paid depends on your savings account, so it’s best to check the details to make sure you’re getting an account that’s right for you. It’s common to receive interest payments once a year, either on a predetermined date or on your account opening anniversary. Some accounts pay out interest monthly, and some may pay quarterly. In the case of fixed term deposits, you may only receive an interest payment when your account matures, which could be up to five years.
You’ll usually receive interest payments into a bank account you nominate, or the interest you earn can go straight back into your savings account.