Regular Savings Accounts Article Discussion

planteria

please tell us more, Striping1.
it would be an unusual choice of regular saver to only generate £1.13, assuming you adhered to the T&Cs.

bsms1147

Striping1 wrote: »

Last year having retired,I looked at ways to maximise my income.
I opened a regular saver
Paid in £250 a month
I can't remember the interest mentioned,but thought I might make a few pounds
I have paid in £3000
I have received acheque for £3001.13.
So my total interest is £1.13
I don't know why this is .
I intend to ring the company tomorrow and ask for a breakdown of interest rates. Has any one got any comments

Sounds like you've been 'regularly saving' into a standard savings product, with an interest rate of 0.000000000000000001%

MARTYM8`

Striping1 wrote: »

Last year having retired,I looked at ways to maximise my income.
I opened a regular saver
Paid in £250 a month
I can't remember the interest mentioned,but thought I might make a few pounds
I have paid in £3000
I have received acheque for £3001.13.
So my total interest is £1.13
I don't know why this is .
I intend to ring the company tomorrow and ask for a breakdown of interest rates. Has any one got any comments

One possibility is that you didn't comply with the full terms and conditions to get any bonus. One example might be that you make your payments near the end of the month and due to bank holidays or weekends its not credited to your account in that calendar month so you lose the regular saver bonus.

That happened to me once as my December payment was credited in January due to the Xmas holidays - I queried it and the society was lenient and still gave me the bonus as I had made all 11 other payments. But that was probably cos they were a small local society who could override their computer systems.

So check when you paid in your payments and the T&Cs - that might explain the terrible rate you got paid.

alanq

Is it possible that Monthly / Annual interest was paid away to another account and that the £1.13 was just the closing interest? (Unlikely in the case of a Regular Saver but just a thought).

johnfthetraveller

I decided to open an M&S saver account. When I requested this, I was told that I need to make a phone appointment with one of their advisers. Seemed a strange procedure, but then, judging from their credit card website, they seem to be struggling to operate smoothly.

Anyway the time came, and I was going through the process when the M&S person said (in their standard patter) something about giving my personal details to 3rd parties. I interrupted to say "Thank you, but I don't want you to give my details to 3rd parties.". This seemed to throw the rep, and she told me that I HAD to agree that M&S could give my details to 3rd parties AT THEIR DISCRETION, or they couldn't open the account.

Told them they could keep their account. I've never come across this before. Another one of those like it or lump it options. Is this a new trend? Have others come across this?

colsten

Probably a misunderstanding, You don't have to agree that a company can give your data to a third party.

I have an M&S Monthly Saver account and at no stage was I requested to agree that my data can be given to a third party.

May be just call them again.

peterob58

Has anyone else on this forum just had there yearly interest from their Nationwide Regular Saver account. I had deposited in some months £500 and expected 2% return but when I got my online statement my total interest for my six deposits was £9.79 Gross.

I was hoping to get the full 2% in the months I deposited £500 but think they only give you a twelfth, 0.250% and even less when you deposit less. Can anyone tell me if I'm right as Nationwide customer services kept telling me I would get the full 2% or 1.5% on my monthly deposits.

kidmugsy

peterob58 wrote: »

I was hoping to get the full 2% in the months I deposited £500 but think they only give you a twelfth

Of course if they are paying 2% p.a. you'll get about a twelfth of that per month. If you look at their bumf it probably says they pay 2% AER. Did you really expect 24% p.a., or is your comment just a bit of leg-pulling?

eskbanker

peterob58 wrote: »

Has anyone else on this forum just had there yearly interest from their Nationwide Regular Saver account. I had deposited in some months £500 and expected 2% return but when I got my online statement my total interest for my six deposits was £9.79 Gross.

I was hoping to get the full 2% in the months I deposited £500 but think they only give you a twelfth, 0.250% and even less when you deposit less. Can anyone tell me if I'm right as Nationwide customer services kept telling me I would get the full 2% or 1.5% on my monthly deposits.

Pretty much all saving accounts, regular or otherwise, will calculate interest daily based on the actual balance at the end of each day multiplied by 1/365th of the gross annual interest rate. It should be obvious that you won't get interest on money that isn't in there (i.e. £500 deposited at the end of the year will earn much less interest than £500 deposited at the start of the year) but you're far from the first to find this baffling, probably worth reading the MSE article and the calculator within it for a fuller briefing.

HappyMJ

peterob58 wrote: »

Has anyone else on this forum just had there yearly interest from their Nationwide Regular Saver account. I had deposited in some months £500 and expected 2% return but when I got my online statement my total interest for my six deposits was £9.79 Gross.

I was hoping to get the full 2% in the months I deposited £500 but think they only give you a twelfth, 0.250% and even less when you deposit less. Can anyone tell me if I'm right as Nationwide customer services kept telling me I would get the full 2% or 1.5% on my monthly deposits.

You get 1/365 of 2% for each day the £500 is in the account.

That's about 2.74 pence per day for each of your £500 deposits. You'll need to figure out how many days the £500 was in the account and multiply that by 2.74 pence.