How much interest would you lose by delaying for 1 week?

Nine_Lives

I know compared to a years worth of interest, it's going to be minimal, but still, i'm just asking.

I usually like to deposit the full whack on Apr 6th & have done for the past few years.

I could go for Santander 1yr fixed for £5640 today at 3.5%.
For reasons explained here: [http://forums.moneysavingexpert.com/showpost.php?p=52295399&postcount=108] i'm probably not going to take up Nationwide's 4.25%

I would be surprised if others didn't try and compete with Nationwide though - almost 1 whole % better than any other instant access ISA right now.

So i'm tempted to hold off for a short while, but not too long. I can't hold off for too long anyway as i need to deposit into my 1yr fixed by 14th April or i've lost out.

I know a whole years interest is £197.40, but what would be a weeks?

Apologies to the mathematical whizzes - i'm not as good as you.

gt94sss2

For a rough figure simply divide by 52 which equals around £3.80.

Regards
Sunil

Nine_Lives

Easy when you know how. Thanks.

Need to debate whether it's worth the wait. Whether anything is likely to hammer 3.5%, but unlike Nationwide - without adding silly extra clauses in the way they did.

I know what will happen ... i'll either a) leave it for 1 week & lump with Santander anyway or b) go with Santander today & find out i should've waited.

gt94sss2

No problem but just to clarify the £3.80 is roughly one weeks interest at 3.50%.

If you are currently getting interest on this money elsewhere, the actual 'loss' will be less.

Regards
Sunil

Nine_Lives

True. It's currently sitting in Santander's 3.1% eSaver.

I'm not usually one of these who say "why go through the hassle for so little", as i'm usually the one who will go for the top rate & follow the guidelines to get that rate.
But for my working hours, Nationwide are making it virtually impossible (to me) with it being branch based. I know on MSE some members have mentioned it being phone also, but nowhere on any page relating to the account do i see it stating you can apply by phone. Even if you can, that's a lot of hassle for the minimal gains i'd get.

hermante

Just put it in the 3.5% already. You'll lose £42 compared to nationwide.

Instead of spending time posting on here and worrying about a day's or week's interest, look for a better job, and you'll make the £42 back very quickly.

Nine_Lives

hermante wrote: »

Just put it in the 3.5% already. You'll lose £42 compared to nationwide.

Instead of spending time posting on here and worrying about a day's or week's interest, look for a better job, and you'll make the £42 back very quickly.

http://forums.moneysavingexpert.com/showpost.php?p=52299215&postcount=42