nationwide regular saver

zak2012

how much interest i get if i pay in to nationwide regular saver .....
£500 every month for first 6 months then from month 7 i pay in £250 a month, whats best way to get maximum interest?i dont have £500 for whole year so cant pay £6000 but im just trying to get this right? if i pay in as above, how much interest i earn after 12 month?thanks

YorkshireBoy

We've been here before haven't we?...

https://forums.moneysavingexpert.com/discussion/5437854

Interest is calculated each month at:

Balance x 5% / 365 x n

Where n = number of days in the month.

So if you started on April 1st, that month would accrue:

£500 x 5% / 365 x 30 = £2.05

May would be:

£1,000 x 5% / 365 x 31 = £4.25

I'll leave you to work out the rest of the year. Please post your answer when you've got it.

zak2012

YorkshireBoy wrote: »

We've been here before haven't we?...

https://forums.moneysavingexpert.com/discussion/5437854

Interest is calculated each month at:

Balance x 4.89% / 365 x n

Where n = number of days in the month.

So if you started on April 1st, that month would accrue:

£500 x 4.89% / 365 x 30 = £2.01

May would be:

£1,000 x 4.89% / 365 x 31 = £4.15

I'll leave you to work out the rest of the year. Please post your answer when you've got it.

thanks,so i earn £49 for whole year?am i wrong? thanks for help

YorkshireBoy

zak2012 wrote: »

thanks,so i earn £49 for whole year?am i wrong? thanks for help

Please show your calculations.

zak2012

YorkshireBoy wrote: »

Please show your calculations.

im new to these saving etc.. things that is why i ask, i dont know nothin about it,thanks

YorkshireBoy

zak2012 wrote: »

im new to these saving etc.. things that is why i ask, i dont know nothin about it,thanks

So where did the £49 come from?...a guess?


I've given you the formula above...all you have to do is change the amount and 'n' for each month going forward. Just 10 more calculations and you have your answer.

changearound

zak2012 wrote: »

how much interest i get if i pay in to nationwide regular saver .....
£500 every month for first 6 months then from month 7 i pay in £250 a month, whats best way to get maximum interest?i dont have £500 for whole year so cant pay £6000 but im just trying to get this right? if i pay in as above, how much interest i earn after 12 month?thanks

It's worth noting that you don't have to pay in every month, so in your case you'd be better off paying in £500 for the first 9 months then nothing for the last 3. Your money gets into the account quicker this way and is earning interest for longer.

alternate

I must be bored.

Rough calc - but looks right.

119.43 interest at the end of the year on a 4500 total investment.

YorkshireBoy

alternate wrote: »

I must be bored.

Rough calc - but looks right.

119.43 interest at the end of the year on a 4500 total investment.

I think you're £20.98 out (if started yesterday, 1st April), but lets see what zak comes back with.

changearound

I make it £140.40 if you pay the money in as 6 months of £500 followed by 6 months of £250.

However, if you pay the money in as 9 months of £500 followed by 3 months of £0 you get a whopping great £149.79