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Natwest Savings Builder - ? wrong interest calculations
Rheumatoid
Posts: 1,048 Forumite
I might be missing something here but it doesn't look right to me.
The rate is 0.1% with a 1.4% bonus if the balance grows by at least £100 a month.
I opened it around 21/4 with a balance of approx £2500
on 2/5 I received gross interest of 9p and a 100+ bonus of £1.19
This is for a balance that was in there for around 10 days.
I added another £200 during May but on 2/6 I got 25p gross interest and 95p 100+ bonus interest.
Two questions:
1. Why did I get less interest in June for a larger balance that was in there for a whole month?
2. If the gross interest is at 0.1% why is the 100+ interest not 14x the amount if it is at 1.4%
Thanks
R.
The rate is 0.1% with a 1.4% bonus if the balance grows by at least £100 a month.
I opened it around 21/4 with a balance of approx £2500
on 2/5 I received gross interest of 9p and a 100+ bonus of £1.19
This is for a balance that was in there for around 10 days.
I added another £200 during May but on 2/6 I got 25p gross interest and 95p 100+ bonus interest.
Two questions:
1. Why did I get less interest in June for a larger balance that was in there for a whole month?
2. If the gross interest is at 0.1% why is the 100+ interest not 14x the amount if it is at 1.4%
Thanks
R.
16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
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Comments
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Managed to get hold of someone on chat eventually.
"We are aware of this issue that interest is not added correctly.we are looking into this and investigating this further."
"Please check after couple of days it will be corrected."
R.16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j0 -
Also covered on this threadDo Money Saving sites make you buy more bargains - and spend more money?0
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Also covered on this thread
Sorry, missed that16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j0 -
Have called Natwest and as per the other thread which I have also updated: Natwest have just informed me it will be corrected 7th June (i.e. this Wednesday).0
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