
Originally Posted by
oldvicar
I make it £162.50
The way I worked it out is:
Your first £500 will be invested for 12 months.
The next £500 for 11 months, etc., down to
The last investment will be invested for just one month.
(12+11+10+9+8+7+6+5+4+3+2+1) = 78.
Your total invesment (£6000) trickled in over 12 months therefore will earn interest equivalent to £500 invested for 78 months, or:
£500 x (78 / 12 ) x 5% =
£500 x 6.5 x 5% =
£3250 x 5% = £162.5
Given the poor rates elsewhere, its like being given over £100 a year just for being a customer.
The account is also available to those with bog standard (free) Flex accounts, in addition to those mentioned in the first post.
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