Calculation of saving account interest rates

Londoner_1980

Hi,

Could any-one explained how much monthly would I get on my saving account when saving at barclays saving account with saving rate 0.55 % pa on 16 000£. I have some conserns to the calculation of the bankers,

Please help!!!!

ManAtHome

Around £5.86 a month after basic rate tax - get it moved!! Not too difficult to get around 2% (£21+ a month) on instant access, 4% (£42+ a month) on 1 year fixed terms.

Calculation is £16,000 * 0.55 / 100 / 12 for monthly before tax, multiply by 0.8 for the 'after basic rate tax' number (replace the 0.55 with whatever interest rate for 2%, 4%s).

opinions4u

Totally agree with ManAtHome's numbers.

I get £88 gross, £70.40 net of basic rate (20%) tax a year.

I would also strongly recommend a visit to www.moneysupermarket.com/savings to see what you could be getting elsewhere.

Londoner_1980

Could anyone recommend some good deals on saving accounts?

Lokolo

http://www.moneysupermarket.com/savings/

There are a few others I just don't know them.