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RBS digital regular saver question

Sumselkb
Posts: 78 Forumite

Hello, I opened an RBS digital regular saver recently and have a question about how the interest is calculated.
I know that on 1 March 2023 I had £120.02 in my account. When the interest was paid on 03 April 2023 I received £0.72 in interest. I thought it would have been more than that? Have I done my sums wrong? I haven't withdrawn any money from my account.
I know that on 1 March 2023 I had £120.02 in my account. When the interest was paid on 03 April 2023 I received £0.72 in interest. I thought it would have been more than that? Have I done my sums wrong? I haven't withdrawn any money from my account.
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Comments
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Sumselkb said:Hello, I opened an RBS digital regular saver recently and have a question about how the interest is calculated.
I know that on 1 March 2023 I had £120.02 in my account. When the interest was paid on 03 April 2023 I received £0.72 in interest. I thought it would have been more than that? Have I done my sums wrong? I haven't withdrawn any money from my account.The amount seems about right to me, but I may be missing somethingInterest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
ForumUser7 said:Sumselkb said:Hello, I opened an RBS digital regular saver recently and have a question about how the interest is calculated.
I know that on 1 March 2023 I had £120.02 in my account. When the interest was paid on 03 April 2023 I received £0.72 in interest. I thought it would have been more than that? Have I done my sums wrong? I haven't withdrawn any money from my account.The amount seems about right to me, but I may be missing somethingInterest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.
I was thinking that 6% of £120 is £7.20?0 -
The A in AER stands for annual. So you would get £7.20 on £120 if you left the £120 in the account for one year.
RBS pay interest monthly. So if you had your £120 in the account for all of March, you get 31 days worth of the daily interest. The daily interest is the Gross interest divided by 365.2 -
Band7 said:The A in AER stands for annual. So you would get £7.20 on £120 if you left the £120 in the account for one year.
RBS pay interest monthly. So if you had your £120 in the account for all of March, you get 31 days worth of the daily interest. The daily interest is the Gross interest divided by 365.1 -
So if at some point in the future if I get to £5,000, and if the interest rate is still 6%, then the interest I would receive would be about £300 a year, so £300 divided by 365 is about 82p a day multiplied by the number of days in the month? So I would get about £25 a month?1
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Sumselkb said:So if at some point in the future if I get to £5,000, and if the interest rate is still 6%, then the interest I would receive would be about £300 a year, so £300 divided by 365 is about 82p a day multiplied by the number of days in the month? So I would get about £25 a month?If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
I’m going to piggyback on to this - I have the RBS Digital RS and I have inadvertently paid in £300 this month via a manual ) £150 pay in as well as £150 through an SO which I thought I had cancelled.I know the max pay in is £150, has anyone ever done similar by mistake? I know they can close the account down.0
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The extra payment (anything above £150) will be returned to the sending account in the next few days.1
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Calidad said:I’m going to piggyback on to this - I have the RBS Digital RS and I have inadvertently paid in £300 this month via a manual ) £150 pay in as well as £150 through an SO which I thought I had cancelled.I know the max pay in is £150, has anyone ever done similar by mistake? I know they can close the account down.
Anyways quickly remedied I took the extra £150 out. I think to they need a full month's notice when setting up the SO, I may have missed calculated that when initially setting it up.1 -
Calidad said:I’m going to piggyback on to this - I have the RBS Digital RS and I have inadvertently paid in £300 this month via a manual ) £150 pay in as well as £150 through an SO which I thought I had cancelled.I know the max pay in is £150, has anyone ever done similar by mistake? I know they can close the account down.1
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