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Spreadsheet to calculate Saving interest.

Hi,

Do does anyone know of or have some sort of spreadsheet for calculating Interest per month/year.

The reason I ask is because my GF has been offered a current account with 6% interest with her being a mortgage customer with Abbey.
This beats most accounts apart from the Halifax regular savings for children.
The plan is to move her money and her 2 childrens money into it, and from there drip feed 2 Halifax accounts for her children.
We need to keep track of their money in her account to work out the interest.

Thanks
Dave

Comments

  • savingmummy
    savingmummy Posts: 2,915 Forumite
    Debt-free and Proud!
    Here is the MSE savings calculator - bottom of page http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
    Not sure if this will help but it is something to work with until someone else advises you x
    DebtFree FEB 2010!
    Slight blip in 2013 - Debtfree Aug 2014 :j

    Savings £132/£1000.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    edited 3 February 2010 at 3:14PM
    If you want to create a spreadsheet heres the idea:

    Horitzontal Cells

    A1 - B1 - C1 etc
    Date In - Date Out - Days Money In - Amount - Interest Rate - Interest

    Date In - Manually enter a date
    Date Out - Manually enter a date
    Days Money In - =B2-A2
    Amount - Manually enter an amount of money
    Interest Rate - manually enter an interest rate (e.g. 5 for 5%)
    Interest - =((D2*(E2/100))/365)*C2

    That should work. You will need to create a new line everytime; different amount in account or interest rate changes

    Then add up the Interest column.

    EXAMPLE

    interestcalc.jpg
  • I'll get started.
    I'll try and make it more automated.
    I'll let you know how I get on.
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