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How do I work out the net interest rate?
geek84
Posts: 1,137 Forumite
Hi Folks
On many occasions, I see interest rates for savings advertised at % gross per annum.
How do I calculate the net equivalent?
Thank You.
On many occasions, I see interest rates for savings advertised at % gross per annum.
How do I calculate the net equivalent?
Thank You.
0
Comments
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Basic rate taxpayer? Multiply the number by 0.8.0
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Hi Nikel
Thanks for your reply.
It's as easy as that, is it?
So, assume a savings rate is advertised at 4% gross, then it would be 3.2% net?
Thank You.0 -
Yeah. Check it out:
http://www.hsbc.co.uk/1/2/interest-rates/savings-investments
The columns for net is always 0.8 x gross.0 -
Thanks Nikel0
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Higher rate tax payer... multiply by 0.60
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