Halifax Regular Saver

andy0073

Hi all
I started a Halifax Regular Saver must of been 15/10/09 and it matured today.
im sure i got in before midnight on the 15/10/09 to have the rate of 5%.
i have online statement >
15 Oct 2009opened by Transfer 500.00500.00
it matured today and the interest i have been paid on 6000 is £130.03
i dont think this is right but im not sure how to work it out.
i have called them but they say they cant get the info on the rate as it was last year.i remember it was on this forum.
any one remember the details of it and can you work out what rate i have been paid?

many thx for any help

apt

Around £130 looks right if you are a basic rate taxpayer. The calculator is here http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

wacko911

Yep, sounds about right.

Dont forget it was taxed at 20% if your basic rate tax payer and its not 5% of 6000 as the 6000 wasnt in the account for a whole year, it was only in a for a few days. Rule of thumb for a ball park figure on compound instreset is to divide by 2 so

6000 * 5% = £300
Minus tax @ 20% = £240
Divide by 2 = £120 which isnt a million miles of £130

Mikeyorks

£130 is virtually spot on ...... as interest is calculated daily therefore it depends what date the SOs went in.

Bear in mind you only had the first £500 in for a full year - so the calc goes a bit like this :-

£6000 x 6.5 / 12 = £3250 (average amount of money for the whole year) ........... £3250 x 5% = £162.50 gross interest

£162.50 less tax at 20% (£32.50) = £130 net interest

andy0073

ah i see, thx very much people. guess i was hoping for more :embarasse