We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Interesting - Nationwide Flex Regular Saver 8% AER
Options
Comments
-
[Deleted User] said:
However if websites Occam Investing, Nutmeg and the Calculator site are anything to go by the interest should be £323.19.2 -
BoGoF said:[Deleted User] said:BoGoF said:[Deleted User] said:Yes it does
However if websites Occam Investing, Nutmeg and the Calculator site are anything to go by the interest should be £323.19.
AI Captain...
Yes of courseThe others present no math to support either Nationwide or themselves. So what math is Nationwide using to arrive at the princely undersum of £104. What should smart savers do, believe everthing they read?
-2 -
BoGoF said: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.
4 -
Officer_Dibble said:Exodi said: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?Monthly amount * interest rate / 100 * 6.5 will get you to the right ballpark without sparking up Excel200 * 0.08 * 6.5 = 104Obviously cannot take into account starting dates, 13 payments etc but easy enough to do on your phone calculator.0 -
[Deleted User] said:BoGoF said:[Deleted User] said:BoGoF said:[Deleted User] said:Yes it does
However if websites Occam Investing, Nutmeg and the Calculator site are anything to go by the interest should be £323.19.
AI Captain...
Yes of courseThe others present no math to support either Nationwide or themselves. So what math is Nationwide using to arrive at the princely undersum of £104. What should smart savers do, believe everthing they read?
Know what you don't4 -
I'd like to see the workings for the £323.19! On second thoughts, it might be better if we didn't.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 £24951
-
[Deleted User] said:BoGoF said:[Deleted User] said:BoGoF said:[Deleted User] said:Yes it does
However if websites Occam Investing, Nutmeg and the Calculator site are anything to go by the interest should be £323.19.
AI Captain...
Yes of courseThe others present no math to support either Nationwide or themselves. So what math is Nationwide using to arrive at the princely undersum of £104. What should smart savers do, believe everthing they read?
6 -
[Deleted User] said:BoGoF said:[Deleted User] said:BoGoF said:[Deleted User] said:Yes it does
However if websites Occam Investing, Nutmeg and the Calculator site are anything to go by the interest should be £323.19.
AI Captain...
Yes of courseThe others present no math to support either Nationwide or themselves. So what math is Nationwide using to arrive at the princely undersum of £104. What should smart savers do, believe everthing they read?
The general approx formula for regular savers is monthly deposit * 6.5 * rate/100. Because the average balance over the year is 6.5 times the monthly deposit. That assume 12 deposits on the same date each month. It's approximate because of different month lengths, but will be fairly close.But Nationwide are different in that they use calendar months for the deposit limit. That means you can open it today and pay in £200, then pay another £200 in tomorrow (because it's a new month) and on the 1st of every month till 1st Jan next year. Total of 13 payments, and you'd get about £120 interest.In fact today is the best possible day to open this account! Because Feb is the shortest month so you get more in earlier.2 -
Initial deposit £200 - gets 12 months interest at 8% p.a. = £16
Second £200 - gets 11 months interest at 8% = £14.67 (200*8%) x 11/12
Third £200 - gets 10 months interest at 8% = £13.34
Fourth £200 - gets 9 months interest at 8% = £12.00
Fifth £200 - gets 8 months interest at 8% = £10.67
Sixth £200 - gets 7 months interest at 8% = £9.34
Seventh £200 - gets 6 months interest at 8% = £8.00
Eighth £200 - gets 5 months interest at 8% = £6.67
Ninth £200 - gets 4 months interest at 8% = £5.34
Tenth £200 - gets 3 months interest at 8% = £4.00
Eleventh £200 - gets 3 months interest at 8% = £2.61
Twelfth £200 - gets 1 months interest at 8% = £1.34
Total £103.98.
That's as simple a way as I can explain it but for some they will never understand regular savers.6 -
Please close this thread, it's going nowhere!1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards