Maturing first direct regular saver disappeared from FD account list

masonic

intalex said:

masonic said:

Thanks, it is good to confirm this as if they'd paid you for today as well without you needing to keep the money in the account, that would have been an interesting tactic.

I do have to point out that my calculations used a denominator of 365 throughout and landed at the precise interest figure of £135.61 (factoring in actual monthly deposit dates when 15th fell on a weekend or bank holiday). So technically, I did receive a full year's interest in just 365 days of a 366-day year if that makes sense, because it seems the product is based on 365 days and not calendar year.

Yes, I can confirm they are working to a strict 365 day account year with interest accruing at 1/365 per day. It is the only way to make the calculations add up and ties in with the stated maturity date compared with other years.

I've just plugged your details into a spreadsheet and calculated it and I agree, you received 365 days interest based on the account being opened and funded on with £300 15th May 2023 and each month on the same day or next working day as appropriate. That means you were able to close down the account early on 14th May 2024, which was the last day of your 365 day account year (being a leap year) and so you earned 365 days interest inclusive of 14th May 2024. So you did get double interest on the same money yesterday assuming you moved it out of FD before the relevant cut-off time. Your account year ended at the end of yesterday, so without your intervention, the earliest the funds would have been available to you would be some time today, and if they were made available today, they would not be eligible for interest today. Only if the process was delayed until tomorrow or beyond would you have an opportunity to get some extra interest. (Edit: not correct, see below)

intalex

masonic said:

That means you were able to close down the account early on 14th May 2024, which was the last day of your 365 day account year (being a leap year) and so you earned 365 days interest inclusive of 14th May 2024. So you did get double interest on the same money yesterday assuming you moved it out of FD before the relevant cut-off time. Your account year ended at the end of yesterday, so without your intervention, the earliest the funds would have been available to you would be some time today, and if they were made available today, they would not be eligible for interest today. Only if the process was delayed until tomorrow or beyond would you have an opportunity to get some extra interest.

Sorry but I don't think that is quite correct, if I count midnights from the end of day 15th May 2023 until the end of day 13th May 2024 (both inclusive), that's what makes up 365 days given the extra day in February. So I have not closed the account early and I have not received an extra day's interest, my own spreadsheet calcs confirm this as well.

masonic

intalex said:

masonic said:

That means you were able to close down the account early on 14th May 2024, which was the last day of your 365 day account year (being a leap year) and so you earned 365 days interest inclusive of 14th May 2024. So you did get double interest on the same money yesterday assuming you moved it out of FD before the relevant cut-off time. Your account year ended at the end of yesterday, so without your intervention, the earliest the funds would have been available to you would be some time today, and if they were made available today, they would not be eligible for interest today. Only if the process was delayed until tomorrow or beyond would you have an opportunity to get some extra interest.

Sorry but I don't think that is quite correct, if I count midnights from the end of day 15th May 2023 until the end of day 13th May 2024 (both inclusive), that's what makes up 365 days given the extra day in February. So I have not closed the account early and I have not received an extra day's interest, my own spreadsheet calcs confirm this as well.

Yes, sorry you are right, I subtracted one day from the anniversary date in my spreadsheet to account for the leap year in the interest calculation, but then didn't do that when counting up the days (14th May 2024 is actually the 366th day)! So it is as we originally thought.

ColdIron

That was a pleasant surprise. Last year it took me 10 days since maturity to open a new RS

I opened it 15/05/2023 and noticed it had disappeared Monday 13/05/2024 so I created a new one because I could. The money was available today 15/05/2024 (though dated yesterday) and this afternoon my new RS appeared

Seems totally random but I'm happy enough, it's the first time since 2019 that I've had the same date as the year before