MSE Regular Savings Calculator Incorrect

Doubleshotdamo

Hi, am I missing something here? The results of the calculator are incorrect.
For example, £3600 in a normal account at 1.5% for 12 months, drip feeding £300 per month into a regular saver at 5%. The results are as follows:

Normal Savings Account
After drip-feeding the cash for 12 months...

Total interest earned: £122
£25 from the normal savings & £97 in the regular saver.

Regular Saver
If you'd kept the money only in the normal savings account you'd have earned £25 in interest.

£3600 at 1.5% for 12 months is £54, not £25.

MK62

Odd, works for me (using Opera web browser).......gives £54

Normal Savings Account
After drip-feeding the cash for 12 months...

Total interest earned: £122
£25 from the normal savings & £97 in the regular saver.

Regular Saver
If you'd kept the money only in the normal savings account you'd have earned £54 in interest.


Have you tried another web browser (one from a different browser family.....ie if you use MS Edge, try Firefox, or Google Chrome/Opera etc)

Doubleshotdamo

I just checked again, and realised if you select No Rate for "How much tax do you pay?", the answer is £54. Bit unclear, as most people pay tax, I pay basic rate tax on income, so selected "Basic Rate", but obviously only pay tax on savings interest over £1000 per year.