Regular Saver Thread **New and Restarted**

20SmthngSver

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.

[Deleted User]

Yorkshire Buiding Society......you gotta love em!

My 1 year Regular Saver Issue 2 (2.5%) was due to mature on 3 August (Saturday). I checked on Friday 2nd and saw that £43.66 interest had already been added, so I closed the account online and moved the money out immediately as the account was due to change to a low interest one on Saturday. The money reached my bank account on Saturday. Very satisfied.

Yesterday (Monday) I got a letter in the post from YBS. It seems that they had forgotten to write to me two weeks in advance of maturity to advise me of what would happen at maturity etc. I hadn't noticed this omission. The letter said that they had added 14 days interest at 2.5% to the maturity interest by way of "compensation". On doing the calculation I discovered that the normal interest would have been £40 something, instead I received £43.66. Celebrating today with a coffee and scone!

typistretired

Mine does not mature until the 15th but I received the same letter as you yesterday. Thought it would only be an extra £1 so good to hear it is over £3.

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!