Interest calculations...A lesson learned the hard way, or is this just wrong?

exel1966

Tuggy, accept it, you're wrong ! It's not what you want to hear, but as for the reasons given above, the others are right.

As for the OP's post, I'm not even sure If I believe it !

tuggy12

YorkshireBoy wrote: »

tuggy, as per post #20, please could you provide a link to your account T&Cs so I can have a look.

exel1966 wrote: »

Tuggy, accept it, you're wrong ! It's not what you want to hear, but as for the reasons given above, the others are right.

OK, here's a statment from a Barclays Golden ISA 2 at 3.1% AER which I opened earlier this year. Interest is added monthly on a daily compounded basis.

Lokolo

tuggy12 wrote: »

OK, here's a statment from a Barclays Golden ISA 2 at 3.1% AER which I opened earlier this year. Interest is added monthly on a daily compounded basis.

so 3.06%.

If we say its not compounded. Its simply working out the number of days, the amount and the rate.

So between August and September:

Balance: 5150.64
Rate: 3.06% (the rate you said is wrong)

Daily Interest: 43.12p

Number of Days: 30

30*42.12 ....

Total Interest That Month: £12.95

Which is the same as your statement.

----

So infact you are not getting daily compounding.

tuggy12

>>>>>>>>>>>>>>lokolo

"Rate: 3.06% (the rate you said is wrong)"

??????what do you mean - I've never mentioned 3.06%

Lokolo

tuggy12 wrote: »

>>>>>>>>>>>>>>lokolo

"Rate: 3.06% (the rate you said is wrong)"

??????what do you mean - I've never mentioned 3.06%

You mentioned 3.1%. That is not the rate you are getting. The current rate for the Barclays Cash ISA is 2.06% + 1% bonus. Which is 3.06%, not 3.1%.