Digital Saver Interest Rate

RG2015

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

Daliah

Bridlington1 said:

MichaelAP said:

For those who do not have the £1000 already in the Digital Saver, there is a way to accrue interest on the full £1000 for a few days.
To explain:- I opened a Digital Saver account with £150. I then transferred £850 into said account as I wanted to see what actually happens. This remained for four days and was then transferred back as an overpayment.
However, I received those four days of interest at the 3.25%.
So, if you boxed clever and transferred up to the max £1000, although it will be placed back as overpayment you still receive the 3.25% interest for the days it remains in the Digital Saver.

Another way to fill up the digital saver is to use the double round ups. Make your first £150 deposit as normal then open a savings account that lets you make deposits by debit card and make hundreds of £1.01 deposits into it. Each deposit results in £1.98 being rounded up into the digital saver. Natwest/RBS have a limit of 100 debit card payments per day so you can fill the digital saver in 5 days using this method.

This will also only make you pennies before you get pulled up for abusing the facility. Even if they didn’t pull you up, you’d still only make pennies from it.

General_Grant

RG2015 said:

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

£2.76 is correct for an exact £1k balance throughout the month.

I'm not recommending it but it is possible to earn more but only because there are lower rates of interest paid on amounts above £1K.  They pay 0.3% on any amount from £1001 to £5000 and 0.1% over £5K.

RG2015

General_Grant said:

RG2015 said:

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

£2.76 is correct for an exact £1k balance throughout the month.

I'm not recommending it but it is possible to earn more but only because there are lower rates of interest paid on amounts above £1K.  They pay 0.3% on any amount from £1001 to £5000 and 0.1% over £5K.

Yes indeed.

I should stated my assumption that this related to a balance £1,000, being the maximum balance that would earn 3.25% gross per annum.

Daliah

General_Grant said:

RG2015 said:

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

£2.76 is correct for an exact £1k balance throughout the month.

I'm not recommending it but it is possible to earn more but only because there are lower rates of interest paid on amounts above £1K.  They pay 0.3% on any amount from £1001 to £5000 and 0.1% over £5K.

So people could possibly earn £2.77 or £2.78 a month by making unnatural payments that could get all their accounts closed. 

General_Grant

Daliah said:

General_Grant said:

RG2015 said:

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

£2.76 is correct for an exact £1k balance throughout the month.

I'm not recommending it but it is possible to earn more but only because there are lower rates of interest paid on amounts above £1K.  They pay 0.3% on any amount from £1001 to £5000 and 0.1% over £5K.

So people could possibly earn £2.77 or £2.78 a month by making unnatural payments that could get all their accounts closed. 

I wouldn't bother with that.  But could earn £3.77 by not breaking rules and leaving £5K there.

RG2015

Daliah said:

General_Grant said:

RG2015 said:

The most anyone can earn is £2.76 (for a 31 day month).

Just thought that I would try to get a bit of perspective in the conversation.

£2.76 is correct for an exact £1k balance throughout the month.

I'm not recommending it but it is possible to earn more but only because there are lower rates of interest paid on amounts above £1K.  They pay 0.3% on any amount from £1001 to £5000 and 0.1% over £5K.

So people could possibly earn £2.77 or £2.78 a month by making unnatural payments that could get all their accounts closed. 

You appear to have misunderstood this post by @General_Grant