4+ Regular saver accounts vs Easy access

colsten

Joshuaakinbohun24 said:

[Deleted User] said:

Hi,

using the MSE savings calculator, £1000/month @2.75%,

After saving £1,000 a month for 1 year, you will have £12,178.01 in savings, meaning you've earned £178.01 interest,

whereas a lump sum £12000  @1% £120.

Hello,

If the lump sum of £12,000 is added to £10,000 - so £22,000 altogether, then @1% would be £220 interest. I am correct in thinking this would be more fruitful?

You'd have to explain further how you would define 'fruitful'. The example calculation doesn't get altered by adding additional funds at 1%. You could still make £58.01 more for the first £12,000 if you were able to put £1,000 into 2.75% accounts, which you can't, for reasons given earlier.

xylophone

Can I blame Covid-19 please.

Jumping on the bandwagon?

wiseonesomeofthetime

xylophone said:

Can I blame Covid-19 please.

Jumping on the bandwagon?

But with no more than five others!