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Savings
IndyPingu
Posts: 3 Newbie
If I had £7610 to save over a year with a regular saving of £600 per month with an interest rate of 3.3% would the interest be earned monthly on the savings or as a whole over the year?
Thanks
IndyPingu!!
Thanks
IndyPingu!!
0
Comments
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The interest would always be calculated on the daily balance of the account.
However, it might be paid either monthly or annually, that depends on the conditions of the account.0 -
you would earn
3.3%/365 on your daily balance approximately0 -
Don't forget to deduct tax on interest to get the net interest rate. Assuming the interest is gross 3.3 is 2.6 (ish) net.0
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