Interesting - Nationwide Flex Regular Saver 8% AER

[Deleted User]

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?

Officer_Dibble

No wonder there's such a wait to get through to banks on the phone...

BoGoF

What do you think it should be?

There is an example on the product info page.

Officer_Dibble

Somewhere around £96, but I'll enjoy the element of surprise when it arrives.

[Deleted User]

BoGoF said:

What do you think it should be?

Give Nationwide a call

BoGoF

[Deleted User] said:

BoGoF said:

What do you think it should be?

Give Nationwide a call

No need when the website says (estimate) £104.

Officer_Dibble

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.

boingy

[Deleted User] said:

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

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

Officer_Dibble said:

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

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.

[Deleted User] said:

BoGoF said:

What do you think it should be?

Give Nationwide a call