First Direct regular saving question
carly
Posts: 1,404
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I have a FD regular saving account with one more payment due to come out. Current value £3300 as I pay in £300 per month. I need some cash for a car purchase. How much interest will I lose if I withdraw the whole amount now and close the account, rather than waiting for it to mature ? Thanks.
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Thanks, if I lose that much interest then I'd rather withdraw the money from a different account.1

First Direct Regular Savings currently state: 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). Interest is calculated daily and paid 12 months after you opened the account.By my calculations £136.50 is 3.79% of £3600. Alternatively 7% of £3600 is £250.00Given that FD calculate the interest daily, presumably the first payment receives 365 days interest @ 7%PA and the final payment e.g.30 days @ 7%PA.The Devil seems to be in the detail...!Tim0

oldcodger69 said:First Direct Regular Savings currently state: 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). Interest is calculated daily and paid 12 months after you opened the account.By my calculations £136.50 is 3.79% of £3600. Alternatively 7% of £3600 is £250.00Given that FD calculate the interest daily, presumably the first payment receives 365 days interest @ 7%PA and the final payment e.g.30 days @ 7%PA.The Devil seems to be in the detail...!Tim
The 'final payment' cannot earn interest during the period of time it is not in the account.£6000 in 20231 
carly said:I have a FD regular saving account with one more payment due to come out. Current value £3300 as I pay in £300 per month. I need some cash for a car purchase. How much interest will I lose if I withdraw the whole amount now and close the account, rather than waiting for it to mature ? Thanks.
"Our Savings Account lets you save anything from £1 to infinity and gives you an interest rate of 2.00% AER (1.98% Gross)."
According to this if you withdraw now you will get about £60 interest, it you carry on and make your final payment payment you should get £136.0
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