Maths Required Please !!

liverpoolcarl

Can someone tell me the interest I will recieve on my Halifax Regular Saver. Currently 12 months, £250pm at 7% ??

I am rubbish at maths..

Madiba_2

Assuming you are basic rate tax payer, and that 7% is gross, you'll get about £91

liverpoolcarl

I am a basic rate tax payer.

Would you be able to tell me what I would get in the Halifax Web Saver for £3000 at 5%.

I am trying to work out the difference.

Madiba_2

Yeah thats £120

If you have the £3000 though, and can drip feed the reggy saver with the funds, then you will make about £153 altogether in the year.

System

.......glad i aint the only one who struggles with the maths.:o I normally have to ask MrJudi and he usually looks at me as though i am an idiot.:mad:

Hereward

If you transferred £250 into a Halifax regular saver, so it reached the account on the 1st of every month you would receive £91.88 interest as a basic rate tax payer. A Halifax websaver account would generate £120.32 on £3,000 over the same period. If you could feed the regular saver from the websaver account you could receive £146.57 interest if the money transfer was instant.

HTH

Madiba_2

I think it would be more than that. But the point is the same, you're better off drip feeding.

david78

And then at the end when the money plus interest is transfered to the Web saver account (assuming it is your nominated account) you can start drip feeding the regular saver all over again.