Interest calc?

derrick

Just wondering if I have received the correct interest payment on a fixed rate ISA?

Date ISA started, July 21st 2010(from ISA certificate). Fixed rate @ 4%.

Deposit £57,681.08

My calcs;-
365 days = £2307.24
Days from opening until & inc 5th April 2011 = 258
258 days = £1630.

Interest received on summary statement = £1605.59.


Should be simple maths as it is a fixed rate ISA, why is there a £25. short fall?

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skitskut

They've paid you interest for 254 days. I think the interest they add on 5th April is upto and including the 4th April.

derrick

skitskut wrote: »

They've paid you interest for 254 days. I think the interest they add on 5th April is upto and including the 4th April.

Yes but should it not be 258?

Acc opened; - 21st July 2010

Days in;-
July,…………10
August,……...31
September,…..30
October, …….31
November, ….30
December, …..31
January, ……31
February, ……28
March, ………31
April, …………5

Total,……….258


The date on the statement is, "balance at 05/04/2011.


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Niksan

How was the accounts fund built up? where there transfers in? if so how many and from which banks, just curious if there's anything between opening the account and money hitting it.

derrick

Niksan wrote: »

How was the accounts fund built up? where there transfers in? if so how many and from which banks, just curious if there's anything between opening the account and money hitting it.

Money transferred in from one institution,(Lloyds), on the 21st July 2010 as per my OP.

I have contacted Nationwide and had to wait until this morning for a call back.
It turns out that the interest is calculated up to and including 31st March 2011, this makes everything right.


However there was nothing on the summary statement to indicate this, the only date on the statement was the 05th April 2011.
There was a column headed "balance at 05/04/2011" and a column headed "Current Gross Rate p.a. (as at 05/04/11)".

There was not even a date relating to when the statement was raised, printed, posted, so the assumption was the date for interest payment calculation was 05 April!

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