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

Tunstallstoven · 2017-11-28 09:56:11

Hi all I am thinking of switching to FD and as part of my decision I want to know what interest I would earn in a year if I were to use the Regular Saver account to it's maximum. The most you can put in is £300 a month. The interest is 5% AER/gross. So if I were to put in £300 a month for a year, at the end of the year…

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PeacefulWaters Posts: 8,495 Forumite

29 November 2017 at 3:28PM

Jibeddy wrote: »

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

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

It's the number of months added together and divided by 12.

(12+11+10+9 etc) / 12

Because the first payment is in the account for twelve months and the final payment just a single month. With others fitting in nicely in between.

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

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