Regular Savings Accounts: The Best Currently Available List!

polymaff

Somewhere between the two of you, then. ... 

typistretired

There used to be a spreadsheet on here which used to work out exactly how interest was calculated on regular savings.  But as the account matures on the anniversary date you open it surely whether it is August 28th or September 1st shouldn't make a lot of difference

polymaff

Gosh, that must be some spreadsheet !

From experience of writing my own, the different ways the different institutions calculate interest is enough to drive you mad. ...

surreysaver

typistretired said:

There used to be a spreadsheet on here which used to work out exactly how interest was calculated on regular savings.  But as the account matures on the anniversary date you open it surely whether it is August 28th or September 1st shouldn't make a lot of difference

Its the interest on £250 for nearly a year which is the difference if you cannot put that £250 in before 1st September 

typistretired

Whichever way you will only get interest on 12 months.  Maximum of £3,000 allowed

surreysaver

typistretired said:

Whichever way you will only get interest on 12 months.  Maximum of £3,000 allowed

Indeed. But £250 of that £3k will either be in there for a year if you can get it in before the beginning of September, or less than a month if you cannot. 

typistretired

The account does not open until funds are put into the account. I was informed about this when they sent me a secure message saying I could not add my account online until it was funded.  But as you cannot fund until they receive your signature, it is a vicious circle. So whatever day you fund with determine the anniversary date.  But as only 12 payments are allowed you will have to wait for a month for maturity.  I thought you were comparing rate with what you were receiving in your feeder account.  Open account 27th August 2020 last payment July 2021.  Matures 27th August 2021. Open account September 2020 last payment August 2021.  Matures September 2021.  If think any difference maybe pennies as total interest only about £24.

surreysaver

typistretired said:

The account does not open until funds are put into the account. I was informed about this when they sent me a secure message saying I could not add my account online until it was funded.  But as you cannot fund until they receive your signature, it is a vicious circle. So whatever day you fund with determine the anniversary date.  But as only 12 payments are allowed you will have to wait for a month for maturity.  I thought you were comparing rate with what you were receiving in your feeder account.  Open account 27th August 2020 last payment July 2021.  Matures 27th August 2021. Open account September 2020 last payment August 2021.  Matures September 2021.  If think any difference maybe pennies as total interest only about £24.

That's the bit that's not clear - the actual maturity date. If its based upon when the account is first funded, all well and good. But if its from the application date then its not. 

typistretired

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

surreysaver

typistretired said:

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

Still not clear - officially open? Does that mean its currently unofficially open? I'll be asking them what the maturity date is when mine is officially open!