Spring Accelerate 5% instant saver

janusd

https://forums.moneysavingexpert.com/discussion/comment/82144580#Comment_82144580

as I posted on the main EA thread, Spring confirmed to me that the interest is paid on the entire balance not just the first £5k, even if previous interest payments have taken you over that £5k max limit.

slinger2

At the moment we're getting 67p a day interest on our £5k. If we leave it in, we'll be getting 68p a day in 4 months time.

n3ophyte

https://forums.moneysavingexpert.com/discussion/comment/82144587#Comment_82144587

Ah, good to know. Thank you.

They must be sick of answering the same question by now😂

4justice2

Yes, if it goes above £5000 due to interest they will pay interest on the whole amount. So if you get £20 interest, next month they will pay interest on £5020 and so on. But, be aware if you withdraw your interest you can't replace it. So if you withdraw £120 of your £5020, taking it back to £4900, you'll only be able to pay it back in £100.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82144415#Comment_82144415

Just putting this up as a reminder that this account goes NLA at midnight(ish).

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82144587#Comment_82144587

Thought I should check this out empirically. The Spring app (annoyingly) doesn't allow screenshots so numbers are:

30/08 - Deposit +£400 Balance £5000.00

01/09 - Interest +£8.15 Balance £5008.15

01/10 - Interest +£20.13 Balance £5028.28

So that's £5008.15 for 30 days @ 4.89% Gross: 5008.15 * (30/365) * 0.0489 = 20.13 (after rounding)

Looks good to me.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82155455#Comment_82155455

if it helps, interest on 1st Sept +£12.73; interest on 1st Oct +£20.15 on full £5k balance since 13th Aug.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82155474#Comment_82155474

These figures are exactly the same as mine. Opened with full £5K on the same date

avocado1988

Sorry just to confirm, if I paid in £50 when I opened it, after a month I took out £20, does that mean I can still put in a total of £4970 (regardless of any interest accumulated to date) at any time during the term and every bit of that £5000 added in on top of the interest already earned would all earn interest?

By balance of £5000, does it mean a deposit of £5000 spread across different months is fine but as soon as I’m £1 over in deposit over the £5000, that extra £1 stops earning interest? Thanks very much in advance!

amcc1

@avocado1988 - No, I tripped over this recently. You can’t add any new amount that would bring the current balance over £5000.