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Martin's "Size of the Saving" table for Regular Savings
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Posts: 3,527 Forumite
I’m sorry if I’m posting in the wrong place, but not too sure where I should ask this. I did post it elsewhere, but as I haven’t had an answer thought it might’ve been in the wrong place. I’ve been looking at Martin’s recommendations for opening Regular Savings accounts and would like to ask a question, please. On Martin’s "Size of the Saving" example table http://www.moneysavingexpert.com/sav...vings-accounts, is his illustration on the Icesave account (£200) assuming you’re starting with £500 per month, not with £6,000 already sitting in the Icesave account? Because if you already have £6,000 in an Icesave account, does that not produce interest of £372 per annum (6.20% – I know it’s now 6.30%). Which means the difference between this and the Dripfeed is only £28 per annum? The Dripfeed figure seems to assume that the £6,000 is already in an Icesave account, whilst the Icesave figure seems to assume you don’t and are saving £500 per month. Sorry if I haven’t explained myself very well, you may have assumed by now that I’m confused by this table! If I’ve misinterpreted it, I’d really appreciate being put straight.
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