Interesting - Nationwide Flex Regular Saver 8% AER

EthicsGradient

[Deleted User] said:

Rich1976 said:

AmityNeon said:

Rich1976 said:

Not sure how many times people need to explain how regular savers work on these threads 🙄 and still it doesn’t sink in.

It's not that. Check the OP's extensive (trolling) history.

Ah ok, that’s even worse then a genuine lack of understanding!

Provide the math behind your rhetoric or are you math illiterate?

You've had the maths explained to you in a variety of ways, and yet you still pretend that there has been no explanation. Now, to top it all, you're starting to insult members. Please stop. (And, if by chance, you were telling the truth about trying to phone Nationwide, please stop that too - genuine members deserve the service).

jimjames

[Deleted User] said:

Rich1976 said:

AmityNeon said:

Rich1976 said:

Not sure how many times people need to explain how regular savers work on these threads 🙄 and still it doesn’t sink in.

It's not that. Check the OP's extensive (trolling) history.

Ah ok, that’s even worse then a genuine lack of understanding!

Provide the math behind your rhetoric or are you math illiterate?

Maybe it's you that's "math" illiterate.

Do you want to pay interest on your mortgage balance that you've paid off? According to your logic you should pay the same interest on the last month of the mortgage as the first.

BooJewels

This is my quick and dirty method of working out regular saver yield - it gets you close. 

Each month that your monthly deposit amount is in the account it earns interest % / 12.  There are 78 monthly units of each deposit earning that little pocket of interest (1+2+3+4+5 etc.). 

So in this case; £200 x 0.08 / 12 = 1.3333 x 78 = £103.99.  So each £200 earns £1.33 for each month that it's actually in the account.

boingy

Middle_of_the_Road said:

Please close this thread, it's going nowhere!

In the contrary, it's fair scooting along - 5 pages already. Maybe the OP is using a different number base. 

RG2015

BooJewels said:

This is my quick and dirty method of working out regular saver yield - it gets you close. 

Each month that your monthly deposit amount is in the account it earns interest % / 12.  There are 78 monthly units of each deposit earning that little pocket of interest (1+2+3+4+5 etc.). 

So in this case; £200 x 0.08 / 12 = 1.3333 x 78 = £103.99.  So each £200 earns £1.33 for each month that it's actually in the account.

Which is the same as the monthly amount x % x 6.5 which is often mentioned here. (78/12=6.5)

In this case, £200 x 8% x 6.5 = £104.

[Deleted User]

BooJewels said:

This is my quick and dirty method of working out regular saver yield - it gets you close. 

Each month that your monthly deposit amount is in the account it earns interest % / 12.  There are 78 monthly units of each deposit earning that little pocket of interest (1+2+3+4+5 etc.). 

So in this case; £200 x 0.08 / 12 = 1.3333 x 78 = £103.99.  So each £200 earns £1.33 for each month that it's actually in the account.

You mention 78. Can you confirm this has nothing to do with the Rule of 78?

BooJewels

[Deleted User] said:

BooJewels said:

This is my quick and dirty method of working out regular saver yield - it gets you close. 

Each month that your monthly deposit amount is in the account it earns interest % / 12.  There are 78 monthly units of each deposit earning that little pocket of interest (1+2+3+4+5 etc.). 

So in this case; £200 x 0.08 / 12 = 1.3333 x 78 = £103.99.  So each £200 earns £1.33 for each month that it's actually in the account.

You mention 78. Can you confirm this has nothing to do with the Rule of 78?

I've no idea what that is.  But I did explain what the 78 in my calc was.

[Deleted User]

boingy said:

Middle_of_the_Road said:

Please close this thread, it's going nowhere!

In the contrary, it's fair scooting along - 5 pages already. Maybe the OP is using a different number base. 

Or maybe Nationwide is using a base of 78 which comes from 1+2+3+4+5+6+7+8+9+10+11+12=78. The Rule of 78 with regard to finance loan rebates was made illegal under one of the Finance Acts but here on the forum an anecdotal number 78 appears as a rule of thumb.

[Deleted User]

BooJewels said:

[Deleted User] said:

BooJewels said:

This is my quick and dirty method of working out regular saver yield - it gets you close. 

Each month that your monthly deposit amount is in the account it earns interest % / 12.  There are 78 monthly units of each deposit earning that little pocket of interest (1+2+3+4+5 etc.). 

So in this case; £200 x 0.08 / 12 = 1.3333 x 78 = £103.99.  So each £200 earns £1.33 for each month that it's actually in the account.

You mention 78. Can you confirm this has nothing to do with the Rule of 78?

I've no idea what that is.  But I did explain what the 78 in my calc was.

Yes you did  Here is another way of saying it: 78 = 1+2+3+4+5+6+7+8+9+10+11+12

grumbler

Five pages and counting?!