How much interest on Nationwide Start to Save account?

williewonder

I have a Nationwide Start to Save account paying 1% interest. I have put £100 a month in since March 2020. I'm currently 10 month in and have £1000 saved. On interest maturity this March I'd have saved £1200. How much interest would I have earned on this at 1%? 

eskbanker

williewonder said:

I have a Nationwide Start to Save account paying 1% interest. I have put £100 a month in since March 2020. I'm currently 10 month in and have £1000 saved. On interest maturity this March I'd have saved £1200. How much interest would I have earned on this at 1%? 

The rough and ready calculation is that the average balance over the year will have been about £600-650 (depending on scheduling of deposits within the month), so 1% of that will be between £6 and £6.50.

colsten

williewonder said:

 On interest maturity this March

The maturity date of this account is 24 months, although it is instant access and you can withdraw your money any time you like (this may have consequences on your eligibility for the prize draws). Interest gets paid as follows:



Just in case you have missed it: Nationwide have added further prize draws. So the remaining draw dates are  23 April 2021, 21 July 2021 and 21 October 2021.