NatWest digital regular saver

RG2015

murphydavid said:

I notice that if I were to apply for a Nat West Digital Regular Saver Today I would get a 5.12 AER rate but the one I took out some time ago is stuck at 4.85%. An interesting dilemma because if I can only have one and if I close and take out a new one at the new rate I won't have £1000 in it for some months.

If you go above £1,000 they show a composite interest rate on the app. You will still get 5.12% AER (but 5.00% gross because it does not compound with the £1,000 ceiling for the 5.00%.)

From £1k to £5k you get 1.00% but by combining the two you will get a lower composite/average rate.

For your composite rate to show as 4.85% your balance will be about £1,070.

If you reduce this to £1,000 the rate will show as 5.12% / 5.00%

[Deleted User]

To illustrate the above

In September before rates went up I had £1000 in, I got £2.76 interest (complicated a bit by the dates and that I took some interest out 5th August)

In October it was calculated on £1002.76 and I got £3.59 on 3rd October

The app states 

Your interest rate is
4.98% Gross / 5.10% AER

Your rates have been combined

londoner62

Deleted_User said:

To illustrate the above

In September before rates went up I had £1000 in, I got £2.76 interest (complicated a bit by the dates and that I took some interest out 5th August)

In October it was calculated on £1002.76 and I got £3.59 on 3rd October

The app states 

Your interest rate is
4.98% Gross / 5.10% AER

Your rates have been combined

Similarly, my balance on my Natwest (& RBS) RS's is now £1,022.13 and my interest rate is shown as 4.91% gross 5.02% AER

https://supportcentre.natwest.com/Help-with-your-product/Savings/1402485782/What-is-a-combined-interest-rate.htm 

35har1old

londoner62 said:

Deleted_User said:

To illustrate the above

In September before rates went up I had £1000 in, I got £2.76 interest (complicated a bit by the dates and that I took some interest out 5th August)

In October it was calculated on £1002.76 and I got £3.59 on 3rd October

The app states 

Your interest rate is
4.98% Gross / 5.10% AER

Your rates have been combined

Similarly, my balance on my Natwest (& RBS) RS's is now £1,022.13 and my interest rate is shown as 4.91% gross 5.02% AER

https://supportcentre.natwest.com/Help-with-your-product/Savings/1402485782/What-is-a-combined-interest-rate.htm 

RBS front page still showing old details

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Get rewarded

for saving regularly

Our Digital Regular Saver gives you our highest interest rate, at 3% Gross/3.04% AER p.a. (variable) on balances up to £1,000.

Save between £1-£50 a month and access your money at any time.

 

Specific account eligibility criteria and conditions apply.

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RG2015

35har1old said:

londoner62 said:

Deleted_User said:

To illustrate the above

In September before rates went up I had £1000 in, I got £2.76 interest (complicated a bit by the dates and that I took some interest out 5th August)

In October it was calculated on £1002.76 and I got £3.59 on 3rd October

The app states 

Your interest rate is
4.98% Gross / 5.10% AER

Your rates have been combined

Similarly, my balance on my Natwest (& RBS) RS's is now £1,022.13 and my interest rate is shown as 4.91% gross 5.02% AER

https://supportcentre.natwest.com/Help-with-your-product/Savings/1402485782/What-is-a-combined-interest-rate.htm 

RBS front page still showing old details

Thank you for visiting today. You have been safely logged out.

Get rewarded

for saving regularly

Our Digital Regular Saver gives you our highest interest rate, at 3% Gross/3.04% AER p.a. (variable) on balances up to £1,000.

Save between £1-£50 a month and access your money at any time.

 

Specific account eligibility criteria and conditions apply.

View account

Mine shows the current rates.

You may have an old RBS page saved in your cache. If you clear your cookies / cache / history for RBS you should get the up to date page.

londoner62

Can someone please tell me what the typical monthly interest is on a £5,000 balance?

sausage_time

I received £25.48 on 3rd January.  Balance was £5000.

£5000 * 6% / 12 is £25 as a rough guide.

londoner62

sausage_time said:

I received £25.48 on 3rd January.  Balance was £5000.

£5000 * 6% / 12 is £25 as a rough guide.

Many thanks. Just trying to work out where to put my pennies next year and keep under the PSA