Please confirm my calculations are correct.

jamieslucky7

Halifax Guaranteed Saver (to get 12% on regular saved)
£5000 @ 6.25% fixed 1year

Interest earned: £250.00

Kaupthing Edge savings (drip feed £500p/m in to regular saver )
£8900 @ 6.5%

Halifax regular saver
£500p/m @ 12% fixed 1year

Interest earned over drop-feed accounts: £463.00

Total interest earned over all accounts: £713.00

____________________________
OR
____________________________
Birmingham Midshires
£13000 @ 7.11 fixed 1year
Total Interest earned: £739.00

I have used the calculators on this site, and would like someone to confirm the above appear to be correct.


Greatly appreciated


Jamie.

EDIT: To throw another element in to the equation, I'm hoping on saving £500p/m which will be put in to my Kaupthing 6.5% account.

ctdctd

jamieslucky7 wrote: »

Halifax Guaranteed Saver (to get 12% on regular saved)
£5000 @ 6.25% fixed 1year

Interest earned: £250.00 - Agree

Kaupthing Edge savings (drip feed £500p/m in to regular saver )
£8000 @ 6.5%

Halifax regular saver
£500p/m @ 12% fixed 1year

Interest earned over drop-feed accounts: £463.00 - wrong
Kaupthing - 2000 @ 6.5% = 104
Kaupthing - 6000 reducing to 0 @ 6.5% = 6000 x 0.065 x 5.5 / 12 x 0.8 = 143.00
Halifax RS = 6000 @ 12% = 6000 x 0.12 x 6.5 / 12 x 0.8 = 312

Total interest earned over all accounts: £713.00 - Wrong = 250 + 104 + 143 + 312 = 809

____________________________
OR
____________________________
Birmingham Midshires
£13000 @ 7.11 fixed 1year
Total Interest earned: £739.00 - Agree

I have used the calculators on this site, and would like someone to confirm the above appear to be correct.

Greatly appreciated

Jamie.

See above - I think the Halifax RS route wins!

TRUSt_NO_1_2

If access to your money was not to be considered... and you had £500 to invest,would you put it into an account that got 8% interest or one that got 12% interest?

ctdctd

jamieslucky7 wrote: »

EDIT: To throw another element in to the equation, I'm hoping on saving £500p/m which will be put in to my Kaupthing 6.5% account.

Treating that on its own, you are creating your own regular saver.
It will get about 500 x 12 x 0.065 x 6.5/12 x 0.8 = £169 PA interest after basic rate tax assuming the rate does not change.

jamieslucky7

I just realised I took the wrong value from the drip-feed calculator result.
TOTAL INTEREST EARNED: £603

Any reason you marked the £8000 KE as red?

Thanks.

ctdctd

jamieslucky7 wrote: »

I just realised I took the wrong value from the drip-feed calculator result.
TOTAL INTEREST EARNED: £603

Any reason you marked the £8000 KE as red?

Thanks.

Yes, you are putting 5000 in the GS account and 8900 in KE = 13,900 and comparing that with 13,000 in BM.
I've made the amount the same so GS + KE = BM if you see what I mean:-)

jamieslucky7

ctdctd wrote: »

Yes, you are putting 5000 in the GS account and 8900 in KE = 13,900 and comparing that with 13,000 in BM.
I've made the amount the same so GS + KE = BM if you see what I mean:-)

Yeah I see what you have done. Cheers.

So I will earn more interest using the regular saver etc?

Only problem now is opening all the damned accounts. How long do you think that will take?

jamieslucky7

TRUSt_NO_1 wrote: »

If access to your money was not to be considered... and you had £500 to invest,would you put it into an account that got 8% interest or one that got 12% interest?

Why do you ask this?

ctdctd

jamieslucky7 wrote: »

Yeah I see what you have done. Cheers.

So I will earn more interest using the regular saver etc?

Only problem now is opening all the damned accounts. How long do you think that will take?

You should earn about an extra £60 using the RS route assuming the KE 6.5% does not go down. Up to you if you think it is worth it!
It took me about 15 minutes online + a visit to a branch (for ID) to get Halifax RS and GS set up with account numbers so I could transfer in. If you are not online with them, do it over the phone. No idea for Kaputhing.

jamieslucky7

ctdctd wrote: »

You should earn about an extra £60 using the RS route assuming the KE 6.5% does not go down. Up to you if you think it is worth it!
It took me about 15 minutes online + a visit to a branch (for ID) to get Halifax RS and GS set up with account numbers so I could transfer in. If you are not online with them, do it over the phone. No idea for Kaputhing.

£60 doesn't seem enough for the hassle of all those accounts tbh!

TRUSt_NO_1_2

jamieslucky7 wrote: »

...

ME...would you put it into an account that got 8% interest or one that got 12% interest?....

JAMIE...Why do you ask this?

ME AGAIN....Without reading all the thread as I can't be bothered,surely it's as simple as putting as much money into the highest interest bearing account as possible ?