llyods/tsb 8% saver

kanchhelskis

dear people, i got 108 pounds intrest after the first year if i carry paying in 250 pounds every month for the next year.how much will i get next year? thanks in advance.

YorkshireBoy

Impossible to say (with any degree of accuracy) without further information.

For example, what was your year two opening balance?

kanchhelskis

thaks my balance is 3,100 pounds.

mattogier

I think you'll get more if you move it into an ICICI bank fixed term saver now - check it out B4 committing to another year.

exel1966

mattogier wrote: »

I think you'll get more if you move it into an ICICI bank fixed term saver now - check it out B4 committing to another year.

Lloyds pays 8%AER - ICICI pays 6.41%AER. Which one would you choose ?

phoebe03cat

Remember you will need to close lloyds and open a NEW monthly saver. The 8% rate now only lasts for ONE year. The second year it will drop straight away to 3.15%.

mattogier

exel1966 wrote: »

Lloyds pays 8%AER - ICICI pays 6.41%AER. Which one would you choose ?

You are quite right - sorry! :-(

exel1966

Not quite so. It will depend on whether the OP has the 2 year or 1 year version.

OP, when did you open your regular saver ?

johnmoney05

phoebe03cat wrote: »

Remember you will need to close lloyds and open a NEW monthly saver. The 8% rate now only lasts for ONE year. The second year it will drop straight away to 3.15%.

But some of us are two years term!

mattogier

phoebe03cat wrote: »

Remember you will need to close lloyds and open a NEW monthly saver. The 8% rate now only lasts for ONE year. The second year it will drop straight away to 3.15%.

Now THAT's the reason I closed the (2) lloyds TSB savers and moved it to ICICI - what a nightmare that was too! The days of my Grandad being the manager of the local branch are, unfortunately, no more!

Milarky

kanchhelskis wrote: »

dear people, i got 108 pounds intrest after the first year if i carry paying in 250 pounds every month for the next year.how much will i get next year? thanks in advance.

About 8% of £3100 (£248) plus 8% of about £1625* (£130) - that's about £378 gross

*this is the average balance from £250 per month times 12 (equally spaced) further payments