Calculator for regular savings?
forgotmyname
Posts: 32,551 Forumite
Looking at another regular savings account and comparing the rates to an ISA.
Which will create a greater interest say put £100 pm away at 2% or stick £1200 into a savings thats only 0.5%.
Anyone got a link to a good online calculator?
Without switching current accounts or setting up more direct debits finding decent savings is getting harder.
Thanks
Which will create a greater interest say put £100 pm away at 2% or stick £1200 into a savings thats only 0.5%.
Anyone got a link to a good online calculator?
Without switching current accounts or setting up more direct debits finding decent savings is getting harder.
Thanks
Censorship Reigns Supreme in Troll City...
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Comments
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You could try the MSE one
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator
Don't forget any cash not yet in your RS can be earning interest elsewhere before it goes in0 -
ColdIron types much faster than I do :mad: :rotfl:0
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Quick rule of thumb is to divide the regular saver interest rate by 2. This would equate to having the whole amount is in a savings/current account.
E.g. £1200 in a 2% regular saver at £100pm is roughly equivalent to 1% account (£12). So 0.5% would be worse (£6).
You could put the £1200 in the 0.5% and dip feed into the 2% regular saver this would boast interest to roughly 1.25%.
I take it you have used up the 5% Nationwide flexi account and regular saver and TSB 3% current account ?0 -
A more accurate approximation for a 12 month account is:
Monthly savings amount * rate * 6.50 -
Thanks guys, and the FD regular saver also
Sneakily they have the regular savers as standing orders not direct debits. I need more bills to increase my savings? Im sure there is a flaw to that one.Censorship Reigns Supreme in Troll City...0 -
You could try the MSE one
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator
Don't forget any cash not yet in your RS can be earning interest elsewhere before it goes in
In addition to ColdIron's formula for the regular savings annual interest, you can use the following formula for the feeder account. Monthly savings amount x rate x 5.5.
In your example of £1,200, the first month would be calculated on £1,100 and then £1,000 etc.
Starting at £1,200 at 1%, the feeder account would earn £5.50 in a year.0 -
I think i need a secretary to manage my savings. Why do they make it so difficult? ## direct debits, pay in #### monthly, no withdrawals, some only let you pay in once via the standing order, others will let you topup mid month..
FD told me off because i managed to add a 2nd amount, she said its in the terms and conditions?? Im a man i dont read instructions
Why cant i just have an account to put money in and they pay interest??
All this for £5 on each £1200..
My little whinge is over now ThanksCensorship Reigns Supreme in Troll City...0 -
forgotmyname wrote: »I think i need a secretary to manage my savings. Why do they make it so difficult? ## direct debits, pay in #### monthly, no withdrawals, some only let you pay in once via the standing order, others will let you topup mid month..
FD told me off because i managed to add a 2nd amount, she said its in the terms and conditions?? Im a man i dont read instructions
Why cant i just have an account to put money in and they pay interest??
All this for £5 on each £1200..
My little whinge is over now Thanks
They make it 'difficult' because they want commitment from you. The dds and pay-ins are to try and make sure you're using them as your main bank account, and they can make money from your transactions, sell you credit etc.
The decent rates of interest you crave are loss-making for the bank - they're not going to give that facility easily, why would they?
As for T&C, you can hardly be surprised if they insist you abide by them! You did agree them when opening the account, even if you didn't read them!0 -
I use this site:
http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
But it doesn't do comparisons, so you'd have to save the result in a spreadsheet or text file if you wanted to compare 2 or more products.Goals
Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)0
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