skipton xmas saver 2007

kanchhelskis

dear guys a girls i open one of these accounts on january the 20th, and paid in the maximun 1,800 pounds with the direct debit coming out on the 1st of the month. i reckon i should get about 50 pounds net intrest,what do you guys think, thanks in advance.the account matures tomorrow.

bristolleedsfan

kanchhelskis wrote: »

dear guys a girls i open one of these accounts on january the 20th, and paid in the maximun 1,800 pounds with the direct debit coming out on the 1st of the month. i reckon i should get about 50 pounds net intrest,what do you guys think, thanks in advance.the account matures tomorrow.

it matured today so today and tomorrow your 1800 + interest will have been earning poor instant access rate.

i closed mine last monday to avoid that scenerio occurring.

anditsinthere

I thought the Skipton saver was 7.55%? I have just opened one for 2008.....what would the interest be on £1800?

bristolleedsfan

anditsinthere wrote: »

I thought the Skipton saver was 7.55%? I have just opened one for 2008.....what would the interest be on £1800?

im not sure how O/P managed to invest 1800.00 in 2007 xmas saver as max was 150.00 a month and account was launched during january 2007 and finished today, i make that 11 months max @150 = 1650

2008 edition allows 250.00 per month and started earlier so allows more monthly payments.

kanchhelskis

sorry you are right my total amount will be 1,650 pounds, how much intrest did you recieve if you dont mind me asking?

anditsinthere

Yeah i have opened the 08 one this month....hoping to put £200 a month into it.

LittleVoice

For the full £1,650 in the account, which matures at midnight tonight, the interest will be about £45 after 20% tax deduction, depending on how close to the beginning of the month you got the funds in from February and how close to the start you got the first payment in January.

The interest rate did not remain constant throughout - it started at 6.8% in January and stepped through 7.05% and 7.3% before reaching 7.55% in August.

kanchhelskis

thanks you are a star.

mary

I opened both these accounts on 25th and 29th November 2007 respectively.
I rang yesterday to confirm that October 1st payment would be my last but was told that in both accounts I could make a payment on November 1st as well and it would not fall foul of any Ts and Cs.

Speculator

On the skipton website it states..

At Skipton Building Society, we think your savings should work as hard as you do. That’s why when you put away between £10 and £250 every month for 12 months you’ll be earning interest at an attractive variable rate, currently 6.80% gross pa/AER variable. With a maximum savings amount of £3,000, it’ll help you turn your dreams into reality. What’s more, we’ll keep your money safe and secure for a whole year.

It seems to indicate that only 12 payments are allowed. I have a special saver account maturing 20/11 but it's probably not worth making the 13th (£250) payment because the final payment will only be in the account earning interest for 18/19 days or extra 88p in interest.