Regular saver calculator for irregular sums

strawb_shortcake

colsten said:

annabanana82 said:

I save a fair bit more besides, this is the first year I've done a regular saver so it was purely down to curiosity not fretting about the possibility of an extra £20 come January.

Without going into the details of our regular savings account, with an average of £150/mth, you won't get an extra £20 on maturity. You'll be lucky to get £20 in total, even if a 13th payment were possible.

No, I think it will be less than £20, if I can get the 13th payment in then I'll have £2050 before interest. From my workings had I of got to this figure on equal monthly figures then it would have been around £20 on maturity 

Eco_Miser

Another_Saver said:

And then you may as well go full analyst and use (1+i)^(d/365) where d is the number of days to maturity.
In any event the amount you can make from regular savers is so small I cba working this out manually.

jsmith9 said:

The interest is calculated daily on the balance on that day

So if you have a 3% Regular Saver then the interest rate per day is 3 / 365

You then use the formula each day:

balance  = balance + balance x (3/36500)

Both of these are using daily compounding.

Regular Savers DO NOT COMPOUND. You get the (Daily Closing Balance) times (Rate Per Day) for each day. Simple Interest.

eskbanker gave the correct method at 5:08 yesterday.

Another_Saver

Typical of me to overcomplicate something