How much interest would I have received in January ?

Helen_from_yorkshire

I have been misinformed by a major High Street bank and I need to go into the branch to tackle them about it.

To explain briefly, for the whole month of January, I received 0.60% interest (net) on a balance of £494.29, how much extra interest I would have earned if the interest rate had been 3.80% net?

It would be great if you could help me work this out, many thanks.

Helen x

arrowsmith

Helen_from_yorkshire wrote:

I have been misinformed by a major High Street bank and I need to go into the branch to tackle them about it.

To explain briefly, for the whole month of January, I received 0.60% interest (net) on a balance of £494.29, how much extra interest I would have earned if the interest rate had been 3.80% net?

It would be great if you could help me work this out, many thanks.

Helen x

Its about £1 difference :rolleyes: , I wouldn't even bother wasting your time going in to tackle them.

Patr100

I make it about 40p - hardly worth it.
-

Deemy

Interest on £494.29 for one month is £1.56 so your £1.32 short !

Patr100

Deemy wrote:

Interest on £494.29 for one month is £1.56 so your £1.32 short !

Indeed it is:

0.6% of £494 = 2.96 a year divided by 12 = 0.24
3.6% of £494 = 19.77 /year divided by 12= 1.56

diff = 1.32

-

Helen_from_yorkshire

I'm not going to bother ... I'll lie in bed instead, that's worth much more than £1.32

Cheers for the replies though

Thanks

kenshaz

I would demand the money it is a question of principle,they would take it from you,or charge you for a mistake

kenshaz

move it to an account that pays better interest