Digital Savers / RBS & NatWest

overspender22

Sorry to appear thick but I can’t seem to work out the interest I’d make on the NatWest digital saver if I deposit the max £150 a month and allow the balance to grow to £1000+. 

The interest rate on £1-£1000 is 3.25%

Never been great at maths at all and I can’t work it out, could anyone possibly assist. I’m hoping to work out whether it’s worth using the digital savers. 

sheramber

https://www.natwest.com/savings/digital-regular-saver.html

scroll down to interest table

overspender22

Thanks so much! Can’t believe I missed that. 

[Deleted User]

Just FYI as the monthly payment date changes sometimes due to weekends though normally on the 1st if a working day. Mine was maxed at £1000 in April. The interest was paid on the dates below / with period between interest payments (latter of the 2 is the day it was paid)

May £1000 - £2.82 interest (4th April-3rd May)
June £1002.82 - £2.59 interest (4th May-1st June)
July £1005.41 - £2.67 interest (2nd June to 1st July)
August £1008.08 - £2.76 interest (2nd July to 1st August)

I took the interest out after this payment but it'll run 2nd August to 2nd September so I expect around £2.50 or so

RG2015

Deleted_User said:

Just FYI as the monthly payment date changes sometimes due to weekends though normally on the 1st if a working day. Mine was maxed at £1000 in April. The interest was paid on the dates below / with period between interest payments (latter of the 2 is the day it was paid)

May £1000 - £2.82 interest (4th April-3rd May)
June £1002.82 - £2.59 interest (4th May-1st June)
July £1005.41 - £2.67 interest (2nd June to 1st July)
August £1008.08 - £2.76 interest (2nd July to 1st August)

I took the interest out after this payment but it'll run 2nd August to 2nd September so I expect around £2.50 or so

It will be £2.76 again, paid on Thu 1st Sept, for the period Mon 1st Aug to Wed 31st Aug.

£1,000 x 3.25% x 31 / 365.

poppellerant

Can somebody please explain how this digital savings account works with Natwest? Do i need to setup a standing order and can I choose when the payments leave? Do the payments need to come from a Natwest account, or can they come from another bank? What happens if I miss a payment, will I not make interest for that month or year?

MovingForwards

poppellerant said:

Can somebody please explain how this digital savings account works with Natwest? Do i need to setup a standing order and can I choose when the payments leave? Do the payments need to come from a Natwest account, or can they come from another bank? What happens if I miss a payment, will I not make interest for that month or year?

You can pay from any account.

If you miss a payment you still get interest, it's not like the savings builder before they changed that.