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

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?
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.

Comments

  • oldfella
    oldfella Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    amount * .0749 / 365 * number of days

    looks right to me
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    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] scam
  • ((1+interest rate/100)^(number of days/365)-1)*capital

    ((1+interest rate/100)^(number months/12)-1)*capital
  • sh856531
    sh856531 Posts: 444 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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

    :-)
  • 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)
  • anna42hmr
    anna42hmr Posts: 2,873 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    thanks for the replies everyone, i appreciate it
    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.
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