Confused about the saving account/saving vault.

I got an email and a notification from the app that they are offering a saving account with a 2.29% AER/Gross (variable) paid daily. Does that mean that they will pay out the interest daily counting the amount that is in there?

For example, if I were to put £50, the interest generated by that amount would be 1.145. So after the first day the amount, in theory, would be £51.14. So then next day they would add again that 2.29 and that would be £52.31. Are my calculations correct? If not please someone explain how would it work, thanks.