Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Seagull27
    • By Seagull27 28th Nov 17, 9:56 AM
    • 577Posts
    • 82Thanks
    Seagull27
    Could someone please help with this interest calculation (FD Regular Saver maximum)
    • #1
    • 28th Nov 17, 9:56 AM
    Could someone please help with this interest calculation (FD Regular Saver maximum) 28th Nov 17 at 9:56 AM
    Hi all

    I am thinking of switching to FD and as part of my decision I want to know what interest I would earn in a year if I were to use the Regular Saver account to it's maximum. The most you can put in is £300 a month. The interest is 5% AER/gross.

    So if I were to put in £300 a month for a year, at the end of the year what would I have earnt in interest? I have tried to work it out myself but no joy.

    Many thanks

    Max
Page 2
    • Jibeddy
    • By Jibeddy 29th Nov 17, 1:38 PM
    • 62 Posts
    • 29 Thanks
    Jibeddy
    Out of interest (sorry), why multiply by 6.5 rather than 6?

    Bit of a maths nerd and I'm just curious.
    • PeacefulWaters
    • By PeacefulWaters 29th Nov 17, 2:28 PM
    • 7,312 Posts
    • 9,059 Thanks
    PeacefulWaters
    Out of interest (sorry), why multiply by 6.5 rather than 6?

    Bit of a maths nerd and I'm just curious.
    Originally posted by Jibeddy
    It's the number of months added together and divided by 12.

    (12+11+10+9 etc) / 12

    Because the first payment is in the account for twelve months and the final payment just a single month. With others fitting in nicely in between.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,971Posts Today

7,199Users online

Martin's Twitter