RBS Digital Regular Saver

someone

> It's 20 months not 12 months

It is more open ended than that. You can carry on adding £1 /month and still qualify for 3% on the first £1,000. In theory you could withdraw that £1 each month (but that sounds a little petty).

Gers

Happy to be wrong! 

RG2015

someone said:

> It's 20 months not 12 months

It is more open ended than that. You can carry on adding £1 /month and still qualify for 3% on the first £1,000. In theory you could withdraw that £1 each month (but that sounds a little petty).

Somehow don't think RBS will still be paying 3% in 20 months.

colsten

RG2015 said:

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

It's 20 months not 12 months so

£16.25 x 20 / 12 = £27.08

 The full approximate formula is £50 x 20 x 3 / 100 x 20 / 12 x 6.5 / 12 = £27.08

The MSE RS calculator comes up with a slightly different result but you are in the right ballpark. It all depends on when the deposits are made. 

quirkydeptless said:

SuperHans1 said:

I can't figure out from the documentation what RBS define as a month.... can you deposit £50 now and another £50 on the 1st of October?

I set my SO for the earlist date in September, then I'll try updating it to 1st October once it's gone in.

Definitely.

The confirmation email I got also suggests that you could make the SO from a non-RBS account but I won't tempt fate, and I will just put money into my RBS current account in time for the SO from there for the RBS RS.

RG2015

colsten said:

RG2015 said:

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

It's 20 months not 12 months so

£16.25 x 20 / 12 = £27.08

 The full approximate formula is £50 x 20 x 3 / 100 x 20 / 12 x 6.5 / 12 = £27.08

The MSE RS calculator comes up with a slightly different result but you are in the right ballpark. It all depends on when the deposits are made. 

The 6.5 / 12 method is only an approximation for a standard 12 month regular saver.

I have a spreadsheet for arithmetic accuracy with actual dates and compounding. 

Hope NatWest add one as I am not inclined to open an RBS current account.

colsten

RG2015 said:

Hope NatWest add one as I am not inclined to open an RBS current account.

        

dcs34

Highly likely that once you reach the £1000 threshold the account will no longer be offering 3%.

T&Cs seem a bit ambiguous to me, so hopefully someone can help. In order to earn interest on that total £1,000 balance after 20 months, would you still need to pay in at least £1 in each month? Or is this not a requirement (and the condition about setting up a standing order is really just to encourage as many to do that and forget about it, and not actually a true requirement for maintaining the benefits of the account)?

crumpet_man

Assuming this regular saver continues indefinitely (it won't) I will pay in £50 a month for 20 months then £1 a month indefinitely and each  month withdraw funds so the balance is £1000.

badger09

RG2015 said:

colsten said:

RG2015 said:

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

It's 20 months not 12 months so

£16.25 x 20 / 12 = £27.08

 The full approximate formula is £50 x 20 x 3 / 100 x 20 / 12 x 6.5 / 12 = £27.08

The MSE RS calculator comes up with a slightly different result but you are in the right ballpark. It all depends on when the deposits are made. 

The 6.5 / 12 method is only an approximation for a standard 12 month regular saver.

I have a spreadsheet for arithmetic accuracy with actual dates and compounding. 

Hope NatWest add one as I am not inclined to open an RBS current account.

Your wish is my command (well, veryintrigued's actually )

https://forums.moneysavingexpert.com/discussion/6193243/natwest-digital-regular-saver#latest

RG2015

badger09 said:

RG2015 said:

colsten said:

RG2015 said:

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

It's 20 months not 12 months so

£16.25 x 20 / 12 = £27.08

 The full approximate formula is £50 x 20 x 3 / 100 x 20 / 12 x 6.5 / 12 = £27.08

The MSE RS calculator comes up with a slightly different result but you are in the right ballpark. It all depends on when the deposits are made. 

The 6.5 / 12 method is only an approximation for a standard 12 month regular saver.

I have a spreadsheet for arithmetic accuracy with actual dates and compounding. 

Hope NatWest add one as I am not inclined to open an RBS current account.

Your wish is my command (well, veryintrigued's actually )

https://forums.moneysavingexpert.com/discussion/6193243/natwest-digital-regular-saver#latest

Interesting that NatWest are using the term “digital” which for many years has been RBS terminology for online banking.