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Interest when savings mature at weekend
aroominyork
Posts: 3,645 Forumite
When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)
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Comments
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No idea but, if they don't pay interest, I never get very excited about it because £10K @ 5% is only worth £1.37 a day !1
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But £20k for four days at 5.5% is £12, a couple of pints! (You've guessed it - I don't live in London.)1
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It's actually only £10.96, but that would pay for three pints up here!aroominyork said:But £20k for four days at 5.5% is £12, a couple of pints! (You've guessed it - I don't live in London.)0 -
I love hate to be picky, but surely 20,000 * 5.5% / 365 * 4 = 12.05.1
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Not picky at all - I failed to spot that you weren't using subjecttocontract's 5%.aroominyork said:I love hate to be picky, but surely 20,000 * 5.5% / 365 * 4 = 12.05.1 -
aroominyork said:
The bank is unable to lend the money out so won't be earning anything on the deposit either.When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)0 -
Surely not. Any money it lends out before Christmas Day continues to earn interest for the bank until it needs to repay me on 29 December.Hoenir said:aroominyork said:
The bank is unable to lend the money out so won't be earning anything on the deposit either.When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)0 -
In which case they shouldn't mind returning the capital to the Investor promptly. Faster payments etc do actually work at weekends and on bank holidays!Hoenir said:aroominyork said:
The bank is unable to lend the money out so won't be earning anything on the deposit either.When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)0 -
Ah... well, maybe they do. I just assumed that bank holiday means a holiday for the bank.nottsphil said:
In which case they shouldn't mind returning the capital to the Investor promptly. Faster payments etc do actually work at weekends and on bank holidays!Hoenir said:aroominyork said:
The bank is unable to lend the money out so won't be earning anything on the deposit either.When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)0 -
It shouldn't mean a holiday for the capital though!aroominyork said:
Ah... well, maybe they do. I just assumed that bank holiday means a holiday for the bank.nottsphil said:
In which case they shouldn't mind returning the capital to the Investor promptly. Faster payments etc do actually work at weekends and on bank holidays!Hoenir said:aroominyork said:
The bank is unable to lend the money out so won't be earning anything on the deposit either.When a fixed term savings bond matures at a weekend (or during a long weekend) so the repayment is delayed until the next working day, is an extra 1/2/3/4 days' interest added, or does the bank/savings institution keep the extra interest and put it towards their staff Xmas party? (OH and I each put £10k into Nationwide 5.5% 18 month bond on Tuesday. Roll forward 18 months...Thursday 25 December 2025.)0
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