Nationwide to axe 5% regular savings account on Friday
Comments
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You have only had £3k in for the last month. The first month the balance was only £250. It's calculated daily.0
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OK so I have what I know is a really silly question but can someone please explain in layman's....When I opened the account I assumed the £3000 *5% = £150 total interest.
Why is the max amount only £80.64??
I know there i a difference between gross and AER but how is it caculatated??
The £3000 is not in the account for the whole of the 12 months.
You get 5% interest on the money for the length of time it is in there. The last payment, for examplei, if it is in the account for 28 days gets 5% just for those 28 days
Nothing to with gross or AERNot Rachmaninov
But Nyman
The heart asks for pleasure first
SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅0 -
I am sorry I am still not following, in that case wouldn't it be:
Month 1= 5% @ £12.5- £250 balance
Month 2= £25- £500
Month 3= £37.5- £750
Month4= £50- £1000.....etc
I put in £250 each month on the first of the month for 12 months will £3000 total upon closure0 -
I am sorry I am still not following, in that case wouldn't it be:
Month 1= 5% @ £12.5- £250 balance
Month 2= £25- £500
Month 3= £37.5- £750
Month4= £50- £1000.....etc
I put in £250 each month on the first of the month for 12 months will £3000 total upon closure
No.
The first payment of 250.00 gets 5% interest for 12 months
The second only gets interest on 250.00 for 11 months.
EtcNot Rachmaninov
But Nyman
The heart asks for pleasure first
SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅0 -
Yes ! OK thank you very much that makes sense0
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I am sorry I am still not following, in that case wouldn't it be:
Month 1= 5% @ £12.5- £250 balance
Month 2= £25- £500
Month 3= £37.5- £750
Month4= £50- £1000.....etc
I put in £250 each month on the first of the month for 12 months will £3000 total upon closure
So:
Month 1 Interest = £250 * 5% * (1/12)
Month 2 Interest = £500 * 5% * (1/12)
and so on...0
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