Million pound interest on one day only

I am interested to know with the right account, if you had one million pounds exactly for 24 hours would you get much interest for that short amount of time?
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  • HappyMJ
    HappyMJ Posts: 21,115
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    About £100 not to be sneezed at.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • lagi
    lagi Posts: 590 Forumite
    Seems like a good deal, but to get that amount for one day only not as much as i thought/hoped.
  • CLAPTON
    CLAPTON Posts: 41,865
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    say you get 3% APR
    and are a higher rate tax payer

    then 1,000,000 x 3% x 0.6 /365 = £49 approximately
  • lagi
    lagi Posts: 590 Forumite
    Its getting lower!!!!

    Only thing i would do then is print off loads of statements for the feel good factor, worth more than the financial side of it.
  • If I could keep the interest for one month that would be nicer. It would be like an additional pay day without doing anything!

    Or! Put it on a binary bet and win 10x the amount and pocket the winnings (or bet the wrong way and lose it all and be in serious debt!)
  • preable
    preable Posts: 2,114
    Debt-free and Proud! Mortgage-free Glee!
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    or just withdraw it all and spend spend spend
  • chexum
    chexum Posts: 546
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    And if it's indeed just one day, you can't trust faster payments because it's limited to £10k/100k. If you need to use CHAPS, that's around £25 a pop further eroding your "profits", and its deadline to actually do it on the day may be before 2pm on a working day.

    Plan to get that money on Mon-Thu before 2pm.. :)
    Enjoy the silence...
  • Derivative
    Derivative Posts: 1,698 Forumite
    If you were to get a daily interest rate of 0.008%, in a year that would be 2.96% (1.00008 ^ 365 = 1.0296...)

    So interest on 1mil for 1 day at that 0.008% rate would be

    1000000 * (0.008/100)

    £80

    I'm assuming you don't get taxed and that the 2.96 rate is net.
    Said Aristippus, “If you would learn to be subservient to the king you would not have to live on lentils.”
    Said Diogenes, “Learn to live on lentils and you will not have to be subservient to the king.”[FONT=Verdana, Arial, Helvetica][/FONT]
  • C_Mababejive
    C_Mababejive Posts: 11,645
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    A million pounds isnt what it used to be.

    Thats inflation for you..
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • ManAtHome
    ManAtHome Posts: 8,512
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    Blimey, it's not that bad - you'd have to be earning over £30k to get around the same (interest 'works' 7 days a week...).
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