Am I losing out on interest?

S

smiley4ever

Guest
hi, its first time posting and i just need some advice.
I have 6000k in a reg saver at 8%aer. I have 38000k in a fixed term at 5.25%aer. I needed to withdraw 2400 and the girl in bank wasn't very helpful advising on which I should withdraw from. I can withdraw from either without penalties but she thought it better to take it from the reg saver (8%) because i'd lose more interest if i took it from the fixed term as its bigger amount(38k @5.25%)
I'm not great at maths but in my head i'm thinkin i should have taken it out of the 5.25% account as i'd actually be losing less interest. can anyone help me out please?
thanks
 
Two questions ...

What bank are you with? that is offering 8% on a Regular Saver product? Anglo have dropped their rate.

When does your Fixed Term Deposit mature?
 
I'm with Anglo. the reg saver just dropped to 7.3% last wk just after i made my withdrawel. my fixed term is maturing end of july
 
Seems like she may have advised you poorly.

As long as there were no penalties on either (e.g loss of bonus interest) then surely a withdrawl from the lower interest account would be better
 
not necessisarily, why withdraw from a fixed term account when the rate is guaranteed? maybe the variable rate is due to drop further as the ECB has indicated is very likely in March
 
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