Need help with sums!

baz.jaq

Would someone do the maths for me please?
I have a Skipton/Scarborough BS Cash Isa worth about £15000. Their interest is now 3%. My current account is with First Direct and they have an Regular Saver ISA at 7% for existing customers. If I open a First Direct one and deposit £300 pm would I get a better return than if I just put the £300pm into my BS account?
I have tried different online calculators and have an assortment of answers, so, how do they do it?

Thankyou

Bazjaq

Baldur

£300 per month over a year @ 7% = roughly £135.09 interest
£300 per month over a year @ 3% = roughly £58.24 interest

baz.jaq

The £300pm going into the BS would be adding to the £15000 already in the account!

Bazjaq

Baldur

baz.jaq wrote: »

The £300pm going into the BS would be adding to the £15000 already in the account!

It will still only earn the amount above - in either case, you will have the interest on the £15,000 plus the above approximate figures.

baz.jaq

Thanks, it's a First Direct one for me then!

Bazjaq

alastair_h

The First Direct Regular saver ISA, a couple of things to be aware of below. So if you don't have £1,500 going into the account pcm (or leave £1,500 sitting in there) then you have to pay £120 banking charges:-



http://www.firstdirect.com/savings/r...isa-faqs.shtml
anything else I need to know?

For at least the first 12 months, you must hold a first direct 1st Account from which to make your monthly payments.
Within the first 12 months, the monthly Banking Fee of £10 on our 1st Account will not be waived as a result of you having a Regular Saver ISA. Thereafter, for any month in which you hold the account, you will not have to pay the Banking Fee. The fee will, of course, be waived during the first 12 months if you meet any of the other Banking Fee waiver criteria.

http://www.firstdirect.com/1st-account/overview.shtml
Is there a charge to bank with first direct?

Banking with first direct usually costs £10 a month, but it's free when you pay in at least £1,500 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,500 or hold a first direct mortgage (or a selected additional first direct product if your account was opened before 2 February 2009). See our full Terms and Conditions, and our rates and tariff.

I think the 7% equates to 3.8% over the year as you only have the full amount in for the last month.

baz.jaq

(I think the 7% equates to 3.8% over the year as you only have the full amount in for the last month)

Thanks for this Alistair, my poorly worded question has been answered by this quote and I do have enough money going in per month so shouldn't incur charges.

However, as the year end percentage is only 3.8 I may just continue with my BS, but will check all cash ISA rates over the next few weeks.

Bazjaq

Baldur

baz.jaq wrote: »

(I think the 7% equates to 3.8% over the year as you only have the full amount in for the last month)

What does the 3% equate to over the year, if you are similarly paying £300 per month into your Skipton ISA? Just over 1.5%, I suspect.