Santander 123 E Saver...interest

Therese1

I'm confused....but can't see the detail to work it out properly.

I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

It's not transferred yet either...dunno if that'll take another day or two.

Thanks

djd1965

Therese1 wrote: »

I'm confused....but can't see the detail to work it out properly.

I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

It's not transferred yet either...dunno if that'll take another day or two.

Thanks

The interest would have been £120 if you had been able to invest the full £2,400 for the whole year - this is clearly not the case here

molerat

Usually transfers over the day after maturity.

cfw1994

Therese1 wrote: »

I'm confused....but can't see the detail to work it out properly.

I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

It's not transferred yet either...dunno if that'll take another day or two.

Thanks

If you had put £2,400 in on day 1, then left it for the year, then the interest would be £120....but you can’t do that, so only £200 got a full 12 months interest at 5%...the rest drips in and earns less. The last £200 you put in only interest for 1/12th of a year...
Make sense?

Pretty sure I had to manually move mine or it went automatically to an almost 0% “everyday saver” account..& I had to start a new one up from scratch. Bit of a faff, but every little helps!!

Therese1

Duh!!! !!!128580;Yep!!!!128584; I get it now!! It's basic maths and I just couldn't see the wood for the trees!

Thank you! !!!128077;!!!128514;

soulsaver

!!!!128077 !!!!123911 !!!!123456 Santander !!!!123..
Beechwood !!!!45789 :money: