Lloyds incentive saver gross is this right?

carson_2

Say i have £10,000 in Lloyds incentive saver account which is 2.40% net and is paid monthly.

Would i get £24 a month interest?


Sorry meant to say net in headline.

apt

The rate is 2.4 % net. You would get £20 per month interest if you are a basic rate taxpayer and made no withdrawals. You could get 3.2% net if you opened 2 Lloyds Classic Accounts with Vantage instead.

kipwilliams

going back to your initial maths i wonder if you understand the way interest is paid.

2.4% is per year, not per month - so your interest is calculated as follows

(10000/100)*2.4 = £240/year divided by 12 = £20/month

if that was the sum you were doing then please ignore me