how to calculate interest

raymond_42

Hi All,
Can anyone tell me?........
My wife and i have each opened an account with LLoyds/ Tsb monthly
saver @ 8% interest. we have opened them with £500 each & paying
£250 a month, over two years. could anyone tell me how the interest is calculated. and what will i recieve after the two years.
thanks any help will be very much appreciated.
Ray.:beer:

exel1966

This question is regulalrly asked, one example is here, but there are numerous other threads on the subject. Just type "calculate interest" in the search facility.

Read here :- http://forums.moneysavingexpert.com/showthread.html?t=247164&highlight=calculate+interest

or for a very quick idea read the savings guide here to get a good idea :- http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108401263,93536,

There are many interest calculation "experts" on this forum and I,m sure one will be along soon if you need more detail.

raymond_42

Thanks EXEL,
PLENTY HERE TO GO ON, I AM SURE I WILL FIND ANSWERS,
RAY.

richgirl

raymond_42 wrote:

Hi All,
Can anyone tell me?........
My wife and i have each opened an account with LLoyds/ Tsb monthly
saver @ 8% interest. we have opened them with £500 each & paying
£250 a month, over two years. could anyone tell me how the interest is calculated. and what will i recieve after the two years.
thanks any help will be very much appreciated.
Ray.:beer:

Hi

Take a look at this savings calculator.

http://www.moneyforums.co.uk/savings_calculator.php

It calcs as -

Results after saving for 2 years
Total value of Savings :£12,979
Total Interest Earned: £979 (gross)
Total You have saved: £12,000
Percentage Gain 8 %