Nationwide Regular saver interest

boingy

£115 for me. Not bothering with the new one at 6.5%

MisterMotivated

Isn't it time we had a sticky thread explaining how Regular Saver accounts work, that we can direct people to rather than 10 replies all saying more or less the same thing?

jimjames

dmarcel said:

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.

Shows the (marginal) benefit of paying in as early as you can!

Digital_Payback

MisterMotivated said:

Isn't it time we had a sticky thread explaining how Regular Saver accounts work, that we can direct people to rather than 10 replies all saying more or less the same thing?

You are right of course, but, on the other hand, a word of explanation to the original poster is more helpful and appreciated than a posted URL link and ‘I suggest you read the following’ or similar. 

But I agree with you in that we don’t need multiple replies saying the same thing!

slinger2

jimjames said:

dmarcel said:

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.

Shows the (marginal) benefit of paying in as early as you can!

Don't quite understand the original numbers. Interest on £200 for a week is about 30p (at 8%). 12 of those should give a difference of £3.60

Of course, if you really wanted to maximise interest you should have opened the account on the last day of the month (eg 30 Sep). That way you can add another £200 the next day. Compared to someone opening the account on the 1st you've got £200 in the account for the pretty much the whole year: £16 extra interest.

As noted it's all peanuts anyway.

jameseonline

MisterMotivated said:

Isn't it time we had a sticky thread explaining how Regular Saver accounts work, that we can direct people to rather than 10 replies all saying more or less the same thing?

I'd have a Regular Savings board, then maybe a sticky thread, have that direct to

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/