N&P reg saver - 'bonus payment'

Nine_Lives

Mine has just matured. Well, it matures tomorrow but looks like they've paid out today.

I paid in the full amount of £250/month. I got interest of £34.50 net (makes me wonder why did i bother as i thought £3k would've got me more than that).
Also a bonus payment of £20.70 net. What's this all about? Are they just being generous or something?

I know these reg savers are spread out over 12 months, so what does this equate to as an average interest rate? I think the advertised was 4% IIRC.

Biggles

So that's £55 net for an average balance over the year of £1,500. Looks about right.

xylophone

Something like this? http://www.nandp.co.uk/savings/regular-savings/regular-saver/

Note bonus.

http://www.thisismoney.co.uk/money/saving/article-1633419/Monthly-lump-sum-savings-calculator.html
See above and look at the details for the account you had. Calculate interest.
You didn't have £3000 in the account for the whole year.

Nine_Lives

Ah right. I just expected one whack of interest to be paid. When i took it out i saw 4% & it was the best at the time (already had a FD one) so went with it.

Any maths whizz able to decode what that equates to as an average interest rate so it can be compared to other savings accounts?

le_loup

Average rate is what was advertised.
What you had was an average amount. i.e. £1,500.

YorkshireBoy

Nine_Lives wrote: »

Any maths whizz able to decode what that equates to as an average interest rate so it can be compared to other savings accounts?

No major maths required.

If you'd paid your £250 a month into an ordinary instant access savings account paying 2% AER you'd have received half the interest you got on this one.

Are you trying to compare apples with pears?

fiesta04

Martins calculator estimates £51.75, so within paramenters for unkown dates.

F4

Nine_Lives

YorkshireBoy wrote: »

Are you trying to compare apples with pears?

So it seems...