First Direct's 7% Savings Account 31 December 2022 at 7:32PM in Savings & investments 72 replies 5.9K views

User36750

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

ColdIron

About £135

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

surreysaver

The average balance of the account over the course of the year would be £1,800, so would be about 7% of that

saverkev

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

surreysaver

ColdIron said:

About £135

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126

User36750

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

AlwaysLearnin

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)"

ColdIron

surreysaver said:

ColdIron said:

About £135

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126

Have you just multiplied £1,800 by 7%?

happybagger

surreysaver said:

The average balance of the account over the course of the year would be £1,800, so would be about 7% of that

Average balance would be 6.5x the monthly deposit ie £1950. This is due to their being £300 in on day 1, not £0

surreysaver

ColdIron said:

surreysaver said:

ColdIron said:

About £135

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

I'm not sure how the calculator does its maths - I don't make it £135, I reckon closer to £126

Have you just multiplied £1,800 by 7%?

A rough calculation

surreysaver

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?