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Million pound interest on one day only
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# 1
lagi
Old 25-12-2010, 10:53 AM
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Default 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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# 2
HappyMJ
Old 25-12-2010, 10:56 AM
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About £100 not to be sneezed at.
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# 3
lagi
Old 25-12-2010, 10:59 AM
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Seems like a good deal, but to get that amount for one day only not as much as i thought/hoped.
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# 4
CLAPTON
Old 25-12-2010, 11:01 AM
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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
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# 5
lagi
Old 25-12-2010, 11:08 AM
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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.
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# 6
choc_mouse
Old 25-12-2010, 2:04 PM
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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!)
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# 7
preable
Old 25-12-2010, 7:28 PM
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or just withdraw it all and spend spend spend
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# 8
chexum
Old 25-12-2010, 8:34 PM
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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...
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# 9
Derivative
Old 25-12-2010, 9:02 PM
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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.
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# 10
C_Mababejive
Old 25-12-2010, 9:54 PM
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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..
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# 11
ManAtHome
Old 26-12-2010, 12:31 AM
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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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# 12
Olipro
Old 26-12-2010, 12:38 AM
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Quote:
Originally Posted by C_Mababejive View Post
A million pounds isnt what it used to be.

Thats inflation for you..
neither is nostalgia if you ask me.
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# 13
jinkster
Old 26-12-2010, 3:57 PM
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I wonder how much it would cost to borrow 1 million pounds for 1 day!
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# 14
ILW
Old 26-12-2010, 5:51 PM
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Quote:
Originally Posted by jinkster View Post
I wonder how much it would cost to borrow 1 million pounds for 1 day!
Try Wonga.
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# 15
iltisman
Old 26-12-2010, 6:11 PM
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You would get plagued by phone calls asking you to visit the banks advisor after an hour or so.
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# 16
paulsad
Old 26-12-2010, 6:16 PM
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Not something I'll ever have to worry about...(unfortunately)
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# 17
Pound
Old 28-12-2010, 4:53 PM
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Quote:
Originally Posted by jinkster View Post
I wonder how much it would cost to borrow 1 million pounds for 1 day!
Would this be some sort of pay day loan?

If so, about £47,000
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# 18
opinions4u
Old 28-12-2010, 5:02 PM
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Quote:
Originally Posted by jinkster View Post
I wonder how much it would cost to borrow 1 million pounds for 1 day!
£2 on an authorised Halifax overdraft.

Or £5 for an unauthorised one.
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