ISA interest calculator

fabbman

I have a cash ISA with Santander, I know it's paying around the 3% mark p.a.

I wonder if there is a calculator/tool that enables you to work out interest on a daily basis rather than waiting until the tax year ends? I went into a local branch and the clerk looked at me as if I were talking Russian when I asked her to calculate my balance if I hypothetically closed the account today!

Surely we don't have to wait a year to decide if the product is for us or not.

Lokolo

Maybe she thought you were taking the p***?

If 365 days is 3% (you said about 3% so lets stick with this) then what is 1 day? (3% / 365...)

Then times that by the number of days you've had the money in the account.

black_taxi_2

if your investing monthly -return on year is normaly half

so 3% would be 1.5%

fabbman

black_taxi wrote: »

if your investing monthly -return on year is normaly half

so 3% would be 1.5%

Have lump sum of £3800 and been in since April 6.

black_taxi_2

3800 x 3%= £114

£3914

[Deleted User]

Hi,

I wouldn't bother doing it daily.

6 April - 6 Feb 10 months,

£3800 x 3% = 114 per year = 9.50 per month (114/12) = 95.00 (9.50 x10) = £3895.00 to date.

Mikeyorks

fabbman wrote: »

Surely we don't have to wait a year to decide if the product is for us or not.

But how is the daily yield influencing that decision? You know it's 3% and tax free? If you want better then you need something above 3% and tax free? Or something (non ISA) above 3.75% if it's going to be taxed.

There's a calculator on the main site. But I don't see how it helps

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#calc

withabix

If you are getting 3%, you aren't going to do any better than that unless you:

1) gamble (shares or the betting shop)
2) get a longer term fixed-rate product with a higher rate

Clue:

1 is risky. One of my share ISAs has lost 35% this year because I chose to take risks.
2 isn't worth doing right now as a) you will undoubtedly not be able to get your money out until the end of the term without a penalty charge or b) interest rates will go up and you will lose out.