Does this amount of interest sound right regular saver account?

bootman

I have just had my cheque through after my Leek Building Society 1 yesr regular saver has come to an end, It has not earned very much interest.

I have been paying £250 for 12 months and I am sure the rate was 7%. Anyway i have got interest gross and I have only earned £123 .

Does that sound right?

Thanks

Viks

Sounds right to me. You should note that only your first payment would have got 7% for the whole year, your second 7% for 11 months and so on till your last payment of 7% interest for only 1 month as thats how long it was in the savings for.

nicko33

check out the MSE savings calculator
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#saving

£123 sounds like too much for 7%, maybe it was 7.5%

bootman

Many thanks Viks and Nicko33.

It just did not seem very much, but I checked the calculator and you are right it is.

Thanks again for your help