Spreadsheet to calculate Saving interest.

davecarr2000

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

savingmummy

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

Lokolo

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

davecarr2000

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