Could someone please help with this interest calculation (FD Regular Saver maximum)

Tunstallstoven

Wow - I really am spoilt for choose now!

Tunstallstoven

So, I'm going to apply for an FD account today, but first I am trying to find out whether I would be eligible for the £100 leaving bonus if I apply through MSE. There's no mention of it that I can see on this here MSE website. I've asked over on the main FD thread:

https://forums.moneysavingexpert.com/discussion/5580861

So if anyone here knows the answer, please head over to that thread and enlighten me!

Many thanks

Ballard

AirlieBird wrote: »

I suggest you look at the Key Product Info



More accurate to multiply by 6.5 rather than 6.

Yep. Hence my comment that there are more accurate ways to do it. I go for the easiest way of calculating it in my head which gives a close enough answer for my liking. One could always be more accurate by referring to a calandar to work out on which days the funds are to be credited each month.

firefox1956

Well you lot are all wrong with your calculations.
Or First Direct are...........
My Regular Saver matured a couple of days ago.
Paid in the £300 every month for a year.
Received £97.48 interest...............
:p
HTH

YorkshireBoy

firefox1956 wrote: »

Well you lot are all wrong with your calculations.
Or First Direct are...........
My Regular Saver matured a couple of days ago.
Paid in the £300 every month for a year.
Received £97.48 interest...............
HTH

It's impossible to be 'right' unless the start date (and also whether deposits are made on non-working days) is known...for obvious reasons.

But the 6.5 multiplier is as close as you'll get.

TheShape

TBH, unless there is a very particular reason to know how much the interest will be, and you simply want to compare against another account, it's enough to know that the account pays 5%.

Tunstallstoven

In my case, I wanted to know how much I could potentially earn in a year and then compare it with the £100 you get if you leave FD...

RG2015

Seagull27 wrote: »

In my case, I wanted to know how much I could potentially earn in a year and then compare it with the £100 you get if you leave FD...

What about year 2?

Tunstallstoven

I wouldn't have nearly enough to put in the full whack in year one. So I'd only be getting a much smaller amount of interest than the £97.50/£97.48 [:)] maximum. In which case, the £100 easily trumps it alone. Much more so if I switch to another bank with an incentive.

Thanks for the thought though.

Jibeddy

Out of interest (sorry), why multiply by 6.5 rather than 6?

Bit of a maths nerd and I'm just curious.