We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
current--account--interest
black_taxi_2
Posts: 1,816 Forumite
£2500---3.14%
how much should interest should i get a month
how much should interest should i get a month
£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£4200
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£4200
0
Comments
-
Static balance, or did it vary throughout the month?
Is 3.14% the AER or the gross p.a. rate?
Is 3.14% gross or net of 20% savings tax?
Do you pay tax?
How many days were there in the (account statement) month?0 -
-
its 3.14 net
yes static balance--i always havat least £2500 in
yes im a tax payer--20k a year£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000 -
So it's a LTSB current account plus?
Your monthly interest is calculated as £2,500 x 3.93% / 365 x n x 0.8
Where n = no of days in statement month
So, in September you will earn £6.46
Anything over £2.5K in the account will only be making 0.1%, so make use of a linked savings account for any surplus funds.
That's a lot of tax!yes im a tax payer--20k a year
0 -
98.25/365x30x0.8=0.11
£6.46?
whats the .8 figure mean?
thx£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000 -
Think of (98.25/365)*30*0.8 instead of 98.25/(365*30*0.8)black_taxi wrote: »98.25/365x30x0.8=0.11
£6.46?
whats the .8 figure mean?
thx0 -
totaly confused now
how do you get £6.46
98.25 divided by 365 x 30 days x.8=.11
98.25 divided by 8760=.11
how do you get £6.46£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000 -
what does *30* mean£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000 -
98.25/365=0.269178 to get the daily figureblack_taxi wrote: »totaly confused now
how do you get £6.46
98.25 divided by 365 x 30 days x.8=.11
98.25 divided by 8760=.11
how do you get £6.46
0.269178*30= 8.07 to get the monthly figure ( 30 days)
8.07*0.8=6.46 to deduct tax
(* is multiply)0 -
On your calculator...
9
8
.
2
5
/
3
6
5
x
3
0
x
0
.
8
=
What do you see?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards