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Natwest Interest payment query

boza Avatar
6y, 1w agoPosted 6 years, 1 week ago
Hi,

I'm just wanting someone's else to check this for me please...

I opened a Natwest esavings account back in October this year and was told the interest would be AER 2.89%, Gross Rate 2.85% and Net Rate 2.28%.

For the whole of November the account had £17,249.00 in it and received £10.48 in interest.

Is that right? I was expecting more than that....

Any help appreciated,

Thanks :o)
boza Avatar
6y, 1w agoPosted 6 years, 1 week ago
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#1
2.85 gross x 17249 = 491.60 Annual

30 days (November) = approx. 115

Very rarely are they wrong (all auto-calculated). Just check they are not showing interest in arrears e.g. October interest payable in November. Take a look at precise wording preceding the 10.48 interest figure & come back.
#2
Soz should be about 40 (491/365*30)
#3
2.85 gross x 17249 = 491.60 Annual

30 days (November) = approx. 115

Very rarely are they wrong (all auto-calculated). Just check they are not showing interest in arrears e.g. October interest payable in November. Take a look at precise wording preceding the 10.48 interest figure & come back.
1 Like #4
I work it out like this

17249.00/100=1%£172.49x2.28=£393.27/12 months=£32.77

Look here its about £32.32

2.28/100 x 17249.00 x 30/365 =£32.3241

http://www.cardratings.com/creditcardblog/moneysavingstips/2005/10/calculate-interest-on-savings-account.html

Edited By: bigwheels on Dec 01, 2010 20:17
#5
2.85 gross x 17249 = 491.60 Annual

30 days (November) = approx. 115

Very rarely are they wrong (all auto-calculated). Just check they are not showing interest in arrears e.g. October interest payable in November. Take a look at precise wording preceding the 10.48 interest figure & come back.
#6
no i received £3.10 for the 9 days in October, and received 10.48 for November. So would you agree the payment is incorrect? i would say it should be around 40.90, i just divided the annual amount by 12.

Gerrygedder thanks for the help

Edited By: boza on Dec 01, 2010 20:16
1 Like #7
Check your terms & conditions :-
Gross rate is 1% (.8% Net)
Plus 1.85% bonus Limited period offer for customers who applied for an e-Savings account between 29 September 2010 and 20 October 2010.
The bonus interest is earned from the 15th of the month following the month in which the account was opened. It is paid monthly along with the standard interest payment.
#8
The Fox,
Thank you, should receive the bonus payment next month :-) thanks alot

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