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    • Grumpy_Old_Duffer
    • By Grumpy_Old_Duffer 12th Jan 18, 5:14 PM
    • 659Posts
    • 156Thanks
    Grumpy_Old_Duffer
    Monthly Savings v Lump Savings
    • #1
    • 12th Jan 18, 5:14 PM
    Monthly Savings v Lump Savings 12th Jan 18 at 5:14 PM
    Lloyds Bank are offering 2.50% ("Your interest is paid annually on the anniversary of the account opening") for monthly savings of £25 - £250.
    What would the yearly interest on this account equate too compared to if I left the money in the Santander Account currently offering 1.5% ("1.50% AER/1.49% gross on balances up to £20,000")?

    Assume the full £250/month.
    It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
    and it'll only take about another 100 years for mankind to really **** it up!!!!
Page 1
    • verybigchris
    • By verybigchris 12th Jan 18, 5:21 PM
    • 417 Posts
    • 556 Thanks
    verybigchris
    • #2
    • 12th Jan 18, 5:21 PM
    • #2
    • 12th Jan 18, 5:21 PM
    Drip feed £250 per month into the Lloyds reg saver and you'll get about £40.63 gross interest.

    Leave £3k in Santander for a year and you'll get about £45 interest.

    Combine the two (i.e. put the lump sum in Santander, and every month move £250 over to Lloyds) and you'll get about £61.25 interest in total.
    • ColdIron
    • By ColdIron 12th Jan 18, 5:33 PM
    • 4,256 Posts
    • 5,385 Thanks
    ColdIron
    • #3
    • 12th Jan 18, 5:33 PM
    • #3
    • 12th Jan 18, 5:33 PM
    Have a play with the MSE Regular Savings calculator
    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts#dripfeed
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