halifax 10% regular saver

oldfella

2 spreadsheets follow: well they would if I knew how to paste it !

try it yourself

first start on the 20th of the month, then on the 1st. Gross difference is £33.76.

Its completely within the T&Cs - they want you to carry on putting money into the RS in the second year. They sweep all the money into your web saver on the anniversary.

oldfella

OK - worked out how to do it - up to a point, sorry it doesnt look v good.

on the left starts on the 20th, on the right starts on the first of the month. It then calculates the interest due each month on the accumulating balance. First column is the amount, then the 10% interest rate, number of days in the month, then the interest due.

500 10 10 1.369863014 500 10 30 4.098360656
1000 10 31 8.493150685 1000 10 31 8.469945355
1500 10 31 12.73972603 1500 10 31 12.70491803
2000 10 30 16.43835616 2000 10 30 16.39344262
2500 10 30 20.54794521 2500 10 30 20.49180328
3000 10 31 25.47945205 3000 10 31 25.40983607
3500 10 31 29.7260274 3500 10 31 29.64480874
4000 10 31 33.97260274 4000 10 31 33.87978142
4500 10 28 34.52054795 4500 10 28 34.42622951
5000 10 31 42.46575342 5000 10 31 42.34972678
5500 10 30 45.20547945 5500 10 30 45.08196721
6000 10 31 50.95890411 6000 10 31 50.81967213
6500 10 20 35.61643836
357.5342466 323.7704918

YorkshireBoy

Your perseverance is admirable oldfella.

Am I right in assuming the left hand figures assume you switch the deposit dates to the first of the month from month 2 onwards ?

Also, you appear to have paid one extra day's interest (the last month only has 19 interest earning days doesn't it?).

oldfella

Am I right in assuming the left hand figures assume you switch the deposit dates to the first of the month from month 2 onwards ?

---

correct

Also, you appear to have paid one extra day's interest (the last month only has 19 interest earning days doesn't it?).

---

I stand corrected !

pfpf

is it just me?

the exchange on the last 3 posts made me laugh LOUD. :rotfl:

well done OF and YB, you must both be the life of any party.

Sam37

Thanks for keeping me busy this rainy Sunday afternoon!

It does make sense if you switch in the second month, because then there is (a bit) more money in the pot for most of the period of the offer a bit earlier on (although admittedly I had never thought about that before today..., so thanks for the education!).

It is a slightly different scenario to adding in a last payment, just before the offer expires, when the difference in interest will be quite a bit less.

So basically the advice to david (and me, I am in a similar position) would be to change the payment date to the first of the month asap... I am personally still paranoid about the semantics of ''month'', but I can now see your point!