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Savings

IndyPingu
IndyPingu Posts: 3 Newbie
in Savings & investments
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!!

Comments

  • rb10
    rb10 Posts: 6,334 Forumite
    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.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    you would earn

    3.3%/365 on your daily balance approximately
  • flyingscotno1
    flyingscotno1 Posts: 1,679 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
This discussion has been closed.
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