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Principality Regular Saver - maturity
Dagobert
Posts: 1,625 Forumite
My regular saver bond matured on Sunday 2nd November. Interest was paid on 2nd November resulting in a balance of £6180.17.
I requested closure of the account on maturity, which was not acted upon until Tuesday 4th. The account was closed on the 4th. I received 36p gross interest for the additional period.
My understanding is that the account converts to an Instant Access Account on maturity, which currently pays 1.75% gross interest. That would be 0.2963p per day. I presume I should have received interest for 2 days (2nd + 3rd Nov) at this rate? Are my assumptions incorrect or their calculations?
I requested closure of the account on maturity, which was not acted upon until Tuesday 4th. The account was closed on the 4th. I received 36p gross interest for the additional period.
My understanding is that the account converts to an Instant Access Account on maturity, which currently pays 1.75% gross interest. That would be 0.2963p per day. I presume I should have received interest for 2 days (2nd + 3rd Nov) at this rate? Are my assumptions incorrect or their calculations?
Dagobert
0
Comments
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its likely you got interest on the RS inclusive to the 2nd. Then 1 day at 1.75%, then nothing for the 4th. Suggest you ask them.0
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The previous rate (to 31 October ) was 1.60% [1.28%] and were 1.05% [0.84%] next since 1 November
http://www.principality.co.uk/default.aspx?page=100
On your balance the new rate earns just 17.8p per day. 2 days = 36p (when rounded)
[Disgusting, isn't it? Hope you can get back in now with an application for another year @ 7%, though, my account matures in December so they will have reduced it by then, I imagine]
It's not helped by the fact that they offer a 5% + esavings account but won't transfer the proceeds at maturity
*I don't count Abbey as a 'proper bank' by this definition.........under construction.... COVID is a [discontinued] scam0 -
It's not helped by the fact that they offer a 5% + esavings account but won't transfer the proceeds at maturity
*I don't count Abbey as a 'proper bank' by this definition....
Last year, they transferred my matured regular saver to my esavings account without any problems. I think I had to send a covering letter to their internet account department requesting the transfer on maturity.0 -
You spotted my mistake! I had looked at the £50K+ tier.Milarky wrote:rate ... 1.05%
I opened another Regular Saver @ 7% taking £500 off my matured balance.Milarky wrote:Hope you can get back in now with an application for another year @ 7%
They do! This is the second time that I had my matured r/s funds transferred to my eSaver.Milarky wrote:offer a ... esavings account but won't transfer the proceeds at maturity
It also works the other way round: you can instruct them by secure message to fund your r/s from the eSaver. Instructions are supposed to be carried out on the following working day. Beware though, that they often work on a backlog and therefore might do it days later.Dagobert0 -
Sorry, correction to my previous post. I just sent the letter to the normal PO box address.0
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Apparently this was pulled on 6th November - so Dagobert had immaculate timing!.....under construction.... COVID is a [discontinued] scam0
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