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    Natwest Interest payment query

    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)

    8 Comments

    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.

    Soz should be about 40 (491/365*30)

    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.

    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

    cardratings.com/cre…tml
    Edited by: "bigwheels" 1st Dec 2010

    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.

    Original Poster

    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" 1st Dec 2010

    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.

    Original Poster

    The Fox,
    Thank you, should receive the bonus payment next month :-) thanks alot

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