Maths question

mta999

Thanks for all the replies . My current account is with Lloyds bank and they pay 0.75% on easy access account (sorry I thought it was 1%) they also have a Regular Saver at about 6% so my question was about combining the two and putting my £2400 into an easy access account and transferring money (£200) each month to my Regular Saver and wondered what the effective interest rate would be if I did it every month for 12 months

I think it is 3.5%. Lloyds allows instant access from both should the need arise without penalty, so effectively I would have an easy access saver with Lloyd's paying 3.5% which is what I want - if my maths are correct

At the end of 12 months the Regular Saver will have a £2400 balance and will mature into an easy access account at which point I can open another regular saver and repeat

surreysaver

You can transfer up to £400 per month into the 6.25% Lloyds regular saver. You'd be better off transferring £400 per month for six months, rather than £200 for twelve months

mta999

Thanks you are right - I hadn't thought of that!