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  • FIRST POST
    • Therese1
    • By Therese1 8th Aug 18, 10:27 PM
    • 145Posts
    • 76Thanks
    Therese1
    Santander 123 E Saver...interest
    • #1
    • 8th Aug 18, 10:27 PM
    Santander 123 E Saver...interest 8th Aug 18 at 10:27 PM
    I'm confused....but can't see the detail to work it out properly.

    I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

    I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

    With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

    It's not transferred yet either...dunno if that'll take another day or two.

    Thanks
Page 1
    • djd1965
    • By djd1965 8th Aug 18, 10:32 PM
    • 3,852 Posts
    • 4,168 Thanks
    djd1965
    • #2
    • 8th Aug 18, 10:32 PM
    • #2
    • 8th Aug 18, 10:32 PM
    I'm confused....but can't see the detail to work it out properly.

    I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

    I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

    With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

    It's not transferred yet either...dunno if that'll take another day or two.

    Thanks
    Originally posted by Therese1

    The interest would have been £120 if you had been able to invest the full £2,400 for the whole year - this is clearly not the case here
    • molerat
    • By molerat 8th Aug 18, 10:35 PM
    • 19,432 Posts
    • 13,628 Thanks
    molerat
    • #3
    • 8th Aug 18, 10:35 PM
    • #3
    • 8th Aug 18, 10:35 PM
    Usually transfers over the day after maturity.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • cfw1994
    • By cfw1994 8th Aug 18, 10:36 PM
    • 192 Posts
    • 79 Thanks
    cfw1994
    • #4
    • 8th Aug 18, 10:36 PM
    • #4
    • 8th Aug 18, 10:36 PM
    I'm confused....but can't see the detail to work it out properly.

    I've just come up to the 1st anniversary of this regular E Saver .... £200 / month and 5% interest.

    I checked the other day and it says that the first years balance and interest will be automatically transferred in to my current account. Then the second year will start again as before.

    With the balance at £2,400 I am surprised that the interest is only £64 and not £120??

    It's not transferred yet either...dunno if that'll take another day or two.

    Thanks
    Originally posted by Therese1
    If you had put £2,400 in on day 1, then left it for the year, then the interest would be £120....but you can’t do that, so only £200 got a full 12 months interest at 5%...the rest drips in and earns less. The last £200 you put in only interest for 1/12th of a year...
    Make sense?

    Pretty sure I had to manually move mine or it went automatically to an almost 0% “everyday saver” account..& I had to start a new one up from scratch. Bit of a faff, but every little helps!!
    • IanManc
    • By IanManc 8th Aug 18, 10:46 PM
    • 686 Posts
    • 1,223 Thanks
    IanManc
    • #5
    • 8th Aug 18, 10:46 PM
    • #5
    • 8th Aug 18, 10:46 PM
    With the balance at £2,400 I am surprised that the interest is only £64 and not £120??
    Originally posted by Therese1
    Was there £2400 in the account for a whole year?

    No.

    Savings accounts don't pay interest on money that isn't in the account, only on money that is in the account.
    • Therese1
    • By Therese1 8th Aug 18, 10:49 PM
    • 145 Posts
    • 76 Thanks
    Therese1
    • #6
    • 8th Aug 18, 10:49 PM
    • #6
    • 8th Aug 18, 10:49 PM
    Duh!!! !!!128580;Yep!!!!128584; I get it now!! It's basic maths and I just couldn't see the wood for the trees!

    Thank you! !!!128077;!!!128514;
    • soulsaver
    • By soulsaver 8th Aug 18, 11:58 PM
    • 2,082 Posts
    • 942 Thanks
    soulsaver
    • #7
    • 8th Aug 18, 11:58 PM
    • #7
    • 8th Aug 18, 11:58 PM
    !!!!128077 !!!!123911 !!!!123456 Santander !!!!123..
    Beechwood !!!!45789
    Last edited by soulsaver; 09-08-2018 at 12:00 AM. Reason: sorry missed a !!!!
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