georged3rd
Registered User
- Messages
- 45
I'm looking to drip feed 24k from a high interest instant access account into 2 regular savers at 1k per month each over 12 months.
Calculating the interest from the regular savers is straight forward (i.e. use the calculators on the banks' websites or use the Future Value calculator here; http://www.askaboutmoney.com/clubman/CompoundCal.htm#rjava2)
But calculating the interest from the instant access account isn't so easy (for me anyway, maybe not for others here).
Taking KBC's Smart Access Instant Savings account as an example. I've tested formulas such as this (and other variations)
11k for 1 month; 11000 * .023 = 253.0 * .55 = 139.15 /12 = 11.5958 * 1 = 11.5958
10k for 2 months; 10000 *.023 = 230.0 * .55 = 126.5 /12 = 10.5417 * 2 = 21.0834
And so on...but I know the above formula is wrong based on the sum (e.g. the sum is more than 12k at 2.3% for 1 year with no drip feeding).
Does anybody have a correct/reliable formula or link to a calculator for this?
Calculating the interest from the regular savers is straight forward (i.e. use the calculators on the banks' websites or use the Future Value calculator here; http://www.askaboutmoney.com/clubman/CompoundCal.htm#rjava2)
But calculating the interest from the instant access account isn't so easy (for me anyway, maybe not for others here).
Taking KBC's Smart Access Instant Savings account as an example. I've tested formulas such as this (and other variations)
11k for 1 month; 11000 * .023 = 253.0 * .55 = 139.15 /12 = 11.5958 * 1 = 11.5958
10k for 2 months; 10000 *.023 = 230.0 * .55 = 126.5 /12 = 10.5417 * 2 = 21.0834
And so on...but I know the above formula is wrong based on the sum (e.g. the sum is more than 12k at 2.3% for 1 year with no drip feeding).
Does anybody have a correct/reliable formula or link to a calculator for this?