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Interesting - Nationwide Flex Regular Saver 8% AER

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[Deleted User]
[Deleted User] Posts: 0 Newbie
Part of the Furniture 100 Posts Name Dropper Photogenic
edited 31 January 2024 at 3:55PM in Savings & investments
Telephoned Nationwide a couple of times and in each case was put on hold before being disconnected. I wanted to know how much interest would be earned after 1 year.

The account is opened and approved on the first day of the month at 1 minute passed midnight and £200 deposited. For the following 11 months a sum of £200 will be added to the account on the first day of each month at 1 minute passed midnight. No withdrawals will take place during the year.

How much interest will be earned before the rate reduces to that of the lower Flex Instant Saver?




«134567

Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 January 2024 at 3:55PM
    What do you think it should be?

    There is an example on the product info page.
  • Somewhere around £96, but I'll enjoy the element of surprise when it arrives.
    4.7kWp (12 * Hyundai S395VG) facing more or less S + 3.6kW Growatt inverter + 6.5kWh Growatt battery. SE London/Kent. Fitted 03/22 £1,025/kW + battery £2495

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 100 Posts Name Dropper Photogenic
    edited 31 January 2024 at 3:58PM
    BoGoF said:
    What do you think it should be?

    Give Nationwide a call ;)
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 October 2024 at 1:25PM
    BoGoF said:
    What do you think it should be?

    Give Nationwide a call ;)
    No need when the website says (estimate) £104.
  • Ah, seeing their example I think they may have got it wrong, but I'll take £104 interest happily if it arrives. I'm not sure their customer service phone answerers will find the correct calculation on their flowcharts though.
    4.7kWp (12 * Hyundai S395VG) facing more or less S + 3.6kW Growatt inverter + 6.5kWh Growatt battery. SE London/Kent. Fitted 03/22 £1,025/kW + battery £2495

  • boingy
    boingy Posts: 1,908 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 31 October 2024 at 1:25PM
    Telephoned Nationwide a couple of times and in each case was put on hold before being disconnected. I wanted to know how much interest would be earned after 1 year.

    The account is opened and approved on the first day of the month at 1 minute passed midnight and £200 deposited. For the following 11 months a sum of £200 will be added to the account on the first day of each month at 1 minute passed midnight. No withdrawals will take place during the year.

    How much interest will be earned before the rate reduces to that of the lower Flex Instant Saver?




    You should probably read the summary box:

    p4181-flex-regular-saver.pdf (nationwide.co.uk)
  • zagfles
    zagfles Posts: 21,421 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    edited 31 January 2024 at 4:10PM
    You'll get more interest if you open it today and put £200 in, then £200 tomorrow and on the 1st of every month till next Jan. About £120.
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Ah, seeing their example I think they may have got it wrong, but I'll take £104 interest happily if it arrives. I'm not sure their customer service phone answerers will find the correct calculation on their flowcharts though.
    I calculate £103.91 but that doesn't take account of compounding (which would be a few pence)
  • Exodi
    Exodi Posts: 3,908 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 31 October 2024 at 1:25PM
    Using FV in Excel =FV(0.08/12,12,-200,0,1) gives £106.59 interest, but you can expect that they've factored in the things like payments clearing. Nationwide states £104.00 on their website.

    With respect, I know repeatedly calling them to ask insignificant questions is amusing to you, but I'm sure both you and them have more productive things to do with your time.
    BoGoF said:
    What do you think it should be?
    Give Nationwide a call ;)
    Know what you don't
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