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how to calculate net rate interest on ISA

chicago76

chicago76 Posts: 5 Forumite

1 March 2010 at 6:58PM in Budgeting & bank accounts

How do you calculate the net rate of interest for a basic rate tax payer
on the AERof 5.06% on a ISA account

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Comments

Paul_Herring Posts: 7,482 Forumite

1 March 2010 at 7:24PM

If you mean the equivalent gross rate on a normal savings account to get 5.06% as a net after 20% tax:

5.06 * 100/80 = 6.325%

Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries
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