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Notice Accounts
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Penrith Building Society has released 3 new notice accounts at 30, 60 and 90 days at 2.55%, 2.75% and 2.95% respectively, the only problem is that they can only be opened and managed in branch or by post. Hopefully though, other banks will also increase their rates.
https://www.penrithbs.co.uk/savings/longer-term-fixed-rate/#tab_30-day-notice-account
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I suspect this is going to bore most of you but if there is someone out there as pedantic as me....... I like to check the interest expected against credited on my accounts.I have an OakNorth 90 day notice a/c that I funded with £15001 on 9th September. (£1 on the 8th which I'm effectively ignoring and £15000 on the 9th).This is confirmed in their transaction history.The rate was 2.26% from the outset up to the end of the month. I make that a total of £20.43 but they have only credited £19.31 interest on Oct 1st. I can't see where the discrepancy is and wondering if anyone is like me and has a spreadsheet to calculate interest and which might give a different answer. Apologies to the rest of you!0
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StayinAlive said:I suspect this is going to bore most of you but if there is someone out there as pedantic as me....... I like to check the interest expected against credited on my accounts.I have an OakNorth 90 day notice a/c that I funded with £15001 on 9th September. (£1 on the 8th which I'm effectively ignoring and £15000 on the 9th).This is confirmed in their transaction history.The rate was 2.26% from the outset up to the end of the month. I make that a total of £20.43 but they have only credited £19.31 interest on Oct 1st. I can't see where the discrepancy is and wondering if anyone is like me and has a spreadsheet to calculate interest and which might give a different answer. Apologies to the rest of you!
£15,001 @ 2.26% from 10th to 30th Sept (inclusive) is £19.51 according to this calculater.1 -
StayinAlive said:I suspect this is going to bore most of you but if there is someone out there as pedantic as me....... I like to check the interest expected against credited on my accounts.I have an OakNorth 90 day notice a/c that I funded with £15001 on 9th September. (£1 on the 8th which I'm effectively ignoring and £15000 on the 9th).This is confirmed in their transaction history.The rate was 2.26% from the outset up to the end of the month. I make that a total of £20.43 but they have only credited £19.31 interest on Oct 1st. I can't see where the discrepancy is and wondering if anyone is like me and has a spreadsheet to calculate interest and which might give a different answer. Apologies to the rest of you!
The AER is 2.26% but this is equivalent to 2.237% for monthly non compounded interest.
Hence £15,001 x 2.2377% x 21/365 = £19.31
Edit: This is the formula which works in Excel (using the 2.2377%)
=((1+(2.2377%/12))^12-1)*100
Courtesy of @eskbanker on an earlier post.3 -
My thanks to refluxer and RG2015, each showing an error in my understanding. What actually happened was that I made a test transfer of £1 on 8th Sep. That cleared fairly quickly but I thought I was being clever but not transferring the main deposit the same day as I had read that the interest was calculated on the minimum amount of the day. I transferred the £15000 on 9th Sep, not realising of course that there was already £1 in the account from the day before and that the days interest would be worked out on this. The point here, for those like myself that send a test amount, is that, whenever you follow up with a second (usually larger) amount you will always lose a day's interest on that amount. I don't know if that's standard practice but I think it's a trifle sneaky.On the other point, where can you find the formula for reducing the AER to monthly non compounded interest?0
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StayinAlive said:On the other point, where can you find the formula for reducing the AER to monthly non compounded interest?
Edit: Here it is plus a link for more details.AER = (1+r/n)^n-1In this equation, r stands for interest rate per annum, while n refers to the number of compounding periods per annum.
This is actually the formula for converting basic to aer, but you should be able to reverse it.
https://cybercrew.uk/finance/what-is-aer/
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Some amazing, smart and kind people on this BB. So impressed.0
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Penrith Building Society have now made their new notice accounts available to Cumbria residents only. How bizarre.0
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SuzzleBumpkin said:Penrith Building Society have now made their new notice accounts available to Cumbria residents only. How bizarre.1
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