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monthly interest how do i work out if i am getting the right amount?

anna42hmr
Posts: 2,873 Forumite


I have the barclays monthly saver and should be on 7.49% can any one tell me if i am getting the right interest
details are
21st november account opened, 0 balence (£0)
24th november standing order of £100 paid in (£100)
1st december interest 0.15 gross, 0.12 after tax (£100.12)
18th december standing order £241.50 (341.62)
2nd january interest 1.40 gross, 1.12 after tax (£342.74)
16th January standing order £250 (592.74)
2nd february interest £3.05 gross, 2.44 after tax (595.18)
18th February standing order £250.00 (£845.18)
2nd March interest 4.03 gross, 3.23 after tax (£848.41)
18th March standing order £250 (£1098.41)
also is there a standard calculation to work out how much you should be getting if i had another monthly saving account?
details are
21st november account opened, 0 balence (£0)
24th november standing order of £100 paid in (£100)
1st december interest 0.15 gross, 0.12 after tax (£100.12)
18th december standing order £241.50 (341.62)
2nd january interest 1.40 gross, 1.12 after tax (£342.74)
16th January standing order £250 (592.74)
2nd february interest £3.05 gross, 2.44 after tax (595.18)
18th February standing order £250.00 (£845.18)
2nd March interest 4.03 gross, 3.23 after tax (£848.41)
18th March standing order £250 (£1098.41)
also is there a standard calculation to work out how much you should be getting if i had another monthly saving account?
MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £36,574.79 2025 MFW target £1700, payments to date at February 2025 - £1000.
0
Comments
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amount * .0749 / 365 * number of days
looks right to me0 -
My estimates of monthly interest (gross) are
0.14
1.40
3.05
4.04
i.e. Looks spot on
(I always check my own interest from Barclays every month and have found them to be accurate - generally all interest calculations by banks will be).....under construction.... COVID is a [discontinued] scam0 -
((1+interest rate/100)^(number of days/365)-1)*capital
((1+interest rate/100)^(number months/12)-1)*capital0 -
The chances of a bank with millions of customers ever getting this wrong and it not being put right very very quickly are essentially nil.
I wouldn't worry about it
:-)0 -
I think it works out that each month you should receive 0.00603712 * the amount in your account as interest.
I think I'm right in saying that just dividing the interest rate by 12 ignores any interest you earn on previous months' interest. The difference will be small so long as the interest rate and time frame are both small though.
In case anyone's interested, here's how I calculated that
1. An interest rate of 7.49% means that after one year you will have 1.0749 x the money you had before.
Call the monthly interest rate "M" then
M^12 = 1.0749
12 log M = log 1.0749
log M = (log 1.0749) / 12
M = 10 ^ ( (log 1.0749) / 12)
M = 1.0060371198939431676015689001809
So, If you have £1000 this should increase to £1006.04 in a month's time.
(I think)0 -
thanks for the replies everyone, i appreciate itMFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £36,574.79 2025 MFW target £1700, payments to date at February 2025 - £1000.0
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