Why do I have interest on my levy account?

Why do I have interest on my levy account?

Levies are due in advance and on the first of every month (with a grace period until the 7th before interest is charged to accounts).

Interest is charged from the 8th of the previous month up to the 7th of the current month. It is, however, only generated when we do the statement run - so the interest charged for last month (8th - 7th) will only appear when we generate the statements.

If for example, you paid your levy fees after the 8th of the month then your account will incur interest up until the date you paid.

For example, Paid January levies on 17 Jan 2024 (a late payment) - interest will be charged from 08 Jan 2024 until 17 Jan 2024 - this would only appear on the next statement (1 Feb 2024). 


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