1 year saver matured - is this interest right??

bootman

My Bradford and Bingley rainy day account has just matured. Supposed to be a rate of 6% gross.

Have paid £250 every month and made 13 payments. Only recieved £50.06 gross interest recieved.

Does that look right?

many thanks

bootman

If it's not right I think I know why!!!

Payments by s/order came from lloyds. I set the s/o to leave Lloyds on the 30thas it took 3 days to arrive. This happened for April, May and June.

From July onwards, the S/o seems to have left lloyds and arrived on the same day into the regular saving, so for 3 of the months I have made 2 payments in the sae month which is not allowed.

Really cross, am I meant to be a mind reader that this has changed???

Paul_Herring

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator

£96.63 gross.

bootman

So do I have and rederess that faster paymsnts of standing orders started being recieved same day as sent?

First 3 months were usual snail speed, I even went into the Bradford and Bingley branch as it was then after three months to check was all ok. It was from month 4 payments started to be recieved same day as sent, causing double payments in the month.

Did Santander suddenly start accepting them or did Lloyds start sending them?

Mikeyorks

bootman wrote: »

Really cross, am I meant to be a mind reader that this has changed???

Can't tell you when they made the transition - but it's been fairly well documented that Banks were moving SOs across to Faster Payments? Lloyds currently only do up to £1k (2nd table on the link) ..... but obviously enough to get your SO there that much quicker. But SOs (even via FP) do not work weekends / Bank Holidays - which will be why there would still be the odd duplicate even after the first month of FP (because the 30th got tied up in a non-working day one month - but not the next?) :-

http://www.chapsco.co.uk/faster_payments/-/page/762/