Regular Saver Thread **New and Restarted**

polymaff

20SmthngSver wrote: »

I don't see what the issue is? An approx. interest accrual is an approx. interest accrual. I know we all wanna max out the interest but some on here are so worried about be done out of a few pennies.

Except that the rest of us are talking of about 10,000 pennies.

typistretired

The calculator on Money savings site for 2.5% states

After saving £1,000 a month for 1 year, you will have £12,161.89 in savings, meaning you've earned £161.89 interest

schiff

I gave up calculating expected interest some time ago, some were a few coppers more, some a few coppers less, and I'm not manic about pennies. So, until this business, I've had the letter too, I wasn't aware that I'd been overpaid - £3.17 by their calculations, £2.92 by mine.

It all helps

polymaff

typistretired wrote: »

The calculator on Money savings site for 2.5% states

After saving £1,000 a month for 1 year, you will have £12,161.89 in savings, meaning you've earned £161.89 interest

And the calculator between your ears tells you that 2.5% of £1,000 is £25 and that 6.5 times £25 is £162.50 - a good-enough approximation of what is often an approximate calculation....:)

20SmthngSver

Not in interest.

colsten

polymaff wrote: »

Except that the rest of us are talking of about 10,000 pennies.

20SmthngSver wrote: »

Not in interest.

Yes, the approx. 10,000 pennies the rest of us were talking about is interest. That was the whole point of the discussion.

fonesaver

Just received this reply via secure message from Saffron BS

Thank you for your recent message. I do apologise, the projection on our website is incorrect, we are aware of this and are trying to get the website updated as soon as possible. The correct estimated balance for the 170th birthday Regular Saver after the 12 month period, providing £1,000.00 is deposited into the account each calendar month would be £12,163.29. If I can be of any further assistance please send a secure message.

You would have thought after 170 years they would have learnt to calculate interest properly!

polymaff

fonesaver wrote: »

You would have thought after 170 years they would have learnt to calculate interest properly!

Which leaves one wondering if it really is their 170th.


Tricky calculation, that...:rotfl:

polymaff

20SmthngSver wrote: »

I don't see what the issue is? An approx. interest accrual is an approx. interest accrual. I know we all wanna max out the interest but some on here are so worried about be done out of a few pennies.

20SmthngSver wrote: »

Not in interest.

Better sometimes not to post and risk being thought uninformed than to post and thereby remove all uncertainty....:)

dcs34

So, as expected, a further reply from Saffron:

I have investigated this further and I do apologise, my below email and the projection on our website is incorrect, we are aware of this and are trying to get the website updated as soon as possible.

The correct estimated balance for the 170th birthday Regular Saver after the 12 month period, providing £1,000.00 is deposited into the account each calendar month would be £12,163.29.

And the website has now been fixed as well!