Nationwide Regular saver interest

RedMan1892

I received interest today from the Nationwide Regular Saver. It was due to be 8% but unless I am missing something I’ve been paid a fair bit less. 

I deposited £200 at the start of  every month since I opened the account by my maths I should have earned £192 but I only received £115.51.

Have I received the wrong amount or have I missed something here? 

fonesaver

If you were able to deposit £2400 in one go then you would indeed have £192 but this is not how account works. Your interest is calculated on the daily balance.

Robin9

You get 8% on the first saving which has been there for a full 12 month; then 11/12 of 8%  etc the last month only gets 1/12 of 8%.     

Digital_Payback

If you deposited £200 each month at 8% the interest due would be approx. £114. 

You did not have £2400 in the account for the full 12 months so you are not due £192. 

Remember, you had £200 in the account for 12 months, £400 for 11 months, £600 for 10 months and the full £2400 for only one month. 

Ayr_Rage

You would only get 8% on the total capital if that was invested at the beginning.

In month 1 you only get interest on £200

Your interest looks correct.

jimjames

RedMan1892 said:

I received interest today from the Nationwide Regular Saver. It was due to be 8% but unless I am missing something I’ve been paid a fair bit less. 

I deposited £200 at the start of  every month since I opened the account by my maths I should have earned £192 but I only received £115.51.

Have I received the wrong amount or have I missed something here? 

Mine matured today and I got essentially the same interest, £116. Can you explain your maths to show why you think the amount is wrong? Mine looks to be exactly what I was expecting.

surreysaver

Your maths is wrong. You didn't have £2,400 in the account for 12 months. The money would have been sat somewhere else earning interest in that account until you transferred it to the Nationwide.
Depending upon what date you opened the account and what date you paid into it every month, you would only have had an average of about £1,200 in it during the course of the year 

Robin9

Has anyone had the formal 12 month letter saying the balance has been transferred to a Instant Access account ?  My August statement had 8.00%; the September 2.4%

cloud_dog

Robin9 said:

Has anyone had the formal 12 month letter saying the balance has been transferred to a Instant Access account ?  My August statement had 8.00%; the September 2.4%

Received the email a couple of weeks ago (I think).  Mine matured on 22 Sept.

Ayr_Rage

Robin9 said:

Has anyone had the formal 12 month letter saying the balance has been transferred to a Instant Access account ?  My August statement had 8.00%; the September 2.4%

As it's online all you'll see is a change of account name overnight as it matures along with the new rate.

dmarcel

My wife and I opened ours on 23rd of September 2023 with £200 each. Then, we made a standing order to deposit £200 each month on the 1st for her and on the 8th for me. When they matured on September 22, we had £2600 in each. She got £115.51 and I got £113.95.