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First Direct's 7% Savings Account
User36750
Posts: 37 Forumite
Quick question:
If I was to max out the £300 per month for the 12 months, how much in interest would I get at the end of the year?
I'm not amazing at maths, but I guess it's 7% of £300, then 7% of £600 and continuing like that?
Thanks
If I was to max out the £300 per month for the 12 months, how much in interest would I get at the end of the year?
I'm not amazing at maths, but I guess it's 7% of £300, then 7% of £600 and continuing like that?
Thanks
Don't assume - just answer the question as best you can with the information you have.
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The average balance of the account over the course of the year would be £1,800, so would be about 7% of thatI consider myself to be a male feminist. Is that allowed?1
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As per First Direct website
Monthly deposits Total deposit at end of 12 months Interest Rate Balance at end of 12 months £25 per month £300 7.00% AER/Gross £311.38 £300 per month £3,600 7.00% AER/Gross £3,736.50 2 -
I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126ColdIron said:I consider myself to be a male feminist. Is that allowed?0 -
Thanks all.
Not sure it's really worth it for £135ish.
But thank you for showing workings out too!Don't assume - just answer the question as best you can with the information you have.0 -
https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/
"Interest example: if you save £300 every month for 12 months and qualify for the 7.00% AER/Gross p.a. interest rate, you'll earn approximately £136.50 interest (gross)"0 -
Have you just multiplied £1,800 by 7%?surreysaver said:
I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126ColdIron said:
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Average balance would be 6.5x the monthly deposit ie £1950. This is due to their being £300 in on day 1, not £0surreysaver said:The average balance of the account over the course of the year would be £1,800, so would be about 7% of that7 -
A rough calculationColdIron said:
Have you just multiplied £1,800 by 7%?surreysaver said:
I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126ColdIron said:I consider myself to be a male feminist. Is that allowed?0 -
What would make it worth it?User36750 said:Thanks all.
Not sure it's really worth it for £135ish.
But thank you for showing workings out too!I consider myself to be a male feminist. Is that allowed?4
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