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  • FIRST POST
    • lagi
    • By lagi 25th Dec 10, 10:53 AM
    • 584Posts
    • 139Thanks
    lagi
    Million pound interest on one day only
    • #1
    • 25th Dec 10, 10:53 AM
    Million pound interest on one day only 25th Dec 10 at 10:53 AM
    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?
Page 1
    • HappyMJ
    • By HappyMJ 25th Dec 10, 10:56 AM
    • 19,355 Posts
    • 16,004 Thanks
    HappyMJ
    • #2
    • 25th Dec 10, 10:56 AM
    • #2
    • 25th Dec 10, 10:56 AM
    About £100 not to be sneezed at.
    • lagi
    • By lagi 25th Dec 10, 10:59 AM
    • 584 Posts
    • 139 Thanks
    lagi
    • #3
    • 25th Dec 10, 10:59 AM
    • #3
    • 25th Dec 10, 10:59 AM
    Seems like a good deal, but to get that amount for one day only not as much as i thought/hoped.
    • CLAPTON
    • By CLAPTON 25th Dec 10, 11:01 AM
    • 37,748 Posts
    • 26,518 Thanks
    CLAPTON
    • #4
    • 25th Dec 10, 11:01 AM
    • #4
    • 25th Dec 10, 11:01 AM
    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
    • By lagi 25th Dec 10, 11:08 AM
    • 584 Posts
    • 139 Thanks
    lagi
    • #5
    • 25th Dec 10, 11:08 AM
    • #5
    • 25th Dec 10, 11:08 AM
    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.
  • choc_mouse
    • #6
    • 25th Dec 10, 2:04 PM
    • #6
    • 25th Dec 10, 2:04 PM
    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
    • By preable 25th Dec 10, 7:28 PM
    • 1,889 Posts
    • 1,239 Thanks
    preable
    • #7
    • 25th Dec 10, 7:28 PM
    • #7
    • 25th Dec 10, 7:28 PM
    or just withdraw it all and spend spend spend
  • chexum
    • #8
    • 25th Dec 10, 8:34 PM
    • #8
    • 25th Dec 10, 8:34 PM
    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
    • #9
    • 25th Dec 10, 9:02 PM
    • #9
    • 25th Dec 10, 9:02 PM
    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.
    • C_Mababejive
    • By C_Mababejive 25th Dec 10, 9:54 PM
    • 9,764 Posts
    • 8,939 Thanks
    C_Mababejive
    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
    • By ManAtHome 26th Dec 10, 12:31 AM
    • 8,037 Posts
    • 5,165 Thanks
    ManAtHome
    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...).
  • Olipro
    A million pounds isnt what it used to be.

    Thats inflation for you..
    Originally posted by C_Mababejive
    neither is nostalgia if you ask me.
    • jinkster
    • By jinkster 26th Dec 10, 3:57 PM
    • 324 Posts
    • 51 Thanks
    jinkster
    I wonder how much it would cost to borrow 1 million pounds for 1 day!
  • ILW
    I wonder how much it would cost to borrow 1 million pounds for 1 day!
    Originally posted by jinkster
    Try Wonga.
    • iltisman
    • By iltisman 26th Dec 10, 6:11 PM
    • 1,875 Posts
    • 1,919 Thanks
    iltisman
    You would get plagued by phone calls asking you to visit the banks advisor after an hour or so.
    • paulsad
    • By paulsad 26th Dec 10, 6:16 PM
    • 1,202 Posts
    • 1,759 Thanks
    paulsad
    Not something I'll ever have to worry about...(unfortunately)
    • Pound
    • By Pound 28th Dec 10, 4:53 PM
    • 2,465 Posts
    • 1,191 Thanks
    Pound
    I wonder how much it would cost to borrow 1 million pounds for 1 day!
    Originally posted by jinkster
    Would this be some sort of pay day loan?

    If so, about £47,000
  • opinions4u
    I wonder how much it would cost to borrow 1 million pounds for 1 day!
    Originally posted by jinkster
    £2 on an authorised Halifax overdraft.

    Or £5 for an unauthorised one.
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