Interest on Safeway ISA

Partner_2

I borrowed some money off my mum in June 2003 at an agreed interest rate of 1% over the Safeway ISA rate. Since then Safeway were taken over by Morrisons and Abbey (now Santander) took over the Safeway ISA. The interest has never been paid, but due to divorce, I now need to put a fair current value on this loan and am struggling to find historic ISA rates. Can anyone point me in the right direction please?

John_3:16

It all depends how accurate you need to be. Do you need a year on year% or will an average do?

Partner_2

As it is for divorce, I will need to be able to justify how I calculate it. I suppose as ISA's tend to be annual deals, that would be OK.

opinions4u

Ask Santander to confirm what rate of interest the account has been paying since 2003.

bigfreddiel

Partner wrote: »

I borrowed some money off my mum in June 2003 at an agreed interest rate of 1% over the Safeway ISA rate. Since then Safeway were taken over by Morrisons and Abbey (now Santander) took over the Safeway ISA. The interest has never been paid, but due to divorce, I now need to put a fair current value on this loan and am struggling to find historic ISA rates. Can anyone point me in the right direction please?

Really I do not understand why you picked this as a basis for a loan, surely it would have been more snsible to have used the BoE base rate +1% - easy to find historic values - you could even agree with mum to do that now.

Another track to search on are web archives, i.e. historic saves of ukweb sites found here http://www.webarchive.org.uk/ukwa/ or the web archive http://www.archive.org/index.php

Assuming you stick with using the ISA based interest rate does this assume each year you would have moved this hypothetical amount to the best paying rate? if not just assume a genorous rate of 0.1% and by that I mean one tenth ofa percent which is as low as some ISAs go when the initail bonus rate is removed - usually ever year.

hope that helps

fj