Easy access used as a regular saver

Bob2000

If l open a easy access account at say 4.5% but used it like a regular saver account say £100 per month.
Could l achieve  the same interest gain as if l had a regular  saver at 9%.

I don't think there is one at 9% mind.
Just a example. 

Barkin

Bob2000 said:

If l open a easy access account at say 4.5% but used it like a regular saver account say £100 per month.
Could l achieve  the same interest gain as if l had a regular  saver at 9%.

Of course not. 

4.5% is less than 9%...

penners324

You're maths is miles off.

saajan_12

Bob2000 said:

If l open a easy access account at say 4.5% but used it like a regular saver account say £100 per month.
Could l achieve  the same interest gain as if l had a regular  saver at 9%.

I don't think there is one at 9% mind.
Just a example. 

If you put in £100 each month into any account, then by the end of the year you'll have deposited £1200 by the end, plus around 1200 * 4.5% / 2 = £27 interest. The halving is because in early months you don't have the full balance in the account, in fact on average you have 600 in the account at any time. To be more precise, if you deposit it at the start of each month then its an average balance of 650, plus compounding takes this to around £29.65 interest. 

The label of 'regular saver' doesn't make a difference. 

An easy access @ 4.5% would only match a 9% regular saver if you put the full £1200 balance in at the start. 

Flugelhorn

£100 month @ 4.5% will end up being the equivalent of £1200 @ 2.25% by the end of the year

£100 month @ 9% will end up being £1200 @4.5% at the end of the year

Bob2000

Thank you all for replying  l forgot to half the 4.5% in my easy access account. 
Was too fixated  on that 9%.
  

Bob2000

saajan_12 said:

Bob2000 said:

If l open a easy access account at say 4.5% but used it like a regular saver account say £100 per month.
Could l achieve  the same interest gain as if l had a regular  saver at 9%.

I don't think there is one at 9% mind.
Just a example. 

If you put in £100 each month into any account, then by the end of the year you'll have deposited £1200 by the end, plus around 1200 * 4.5% / 2 = £27 interest. The halving is because in early months you don't have the full balance in the account, in fact on average you have 600 in the account at any time. To be more precise, if you deposit it at the start of each month then its an average balance of 650, plus compounding takes this to around £29.65 interest. 

The label of 'regular saver' doesn't make a difference. 

An easy access @ 4.5% would only match a 9% regular saver if you put the full £1200 balance in at the start. 

Thank you for your explanation l appreciated  it.

Bob2000

Flugelhorn said:

£100 month @ 4.5% will end up being the equivalent of £1200 @ 2.25% by the end of the year

£100 month @ 9% will end up being £1200 @4.5% at the end of the year

Newbie error. 

friolento

Have a play with the MSE Regular Saver calculator https://www.moneysavingexpert.com/savings/regular-savings-calculator/

friolento

penners324 said:

You're maths is miles off.

To be fair, so is your grammar.

Bob2000

friolento said:

Have a play with the MSE Regular Saver calculator https://www.moneysavingexpert.com/savings/regular-savings-calculator/

Thanks for directing me to this.