how much interest will i get with 3k

Anddos

i currently have 2800 in my yorkshire bank isa, because they pay interest yearly i am going to open a santander isa account , how much interest would i make monthly with 3k in it , i dont understand this percentage stuff

rockitup

Depends which ISA you deposit your cash in to....

Basically you will earn £105 per year interest if using the 2 year fixed rate ISA paying 3.5%

Or £90 for the one year fixed rate ISA

Or £99 for the flexible rate ISA which pays 2.8% above bank rate guaranteed for 12 months. This one does not accept transfers from existing Cash ISA's

Anddos

so how much per month mate, i dont like this percentage stuff?

rockitup

In the same order monthly interest will be:-

£8.75 Gross or £7.00 Net

£7.50 Gross or £6.00 Net

£8.25 Gross or £6.60 Net

The amounts may vary month to month as I think Santander and many other banks vary their monthly interest according to how many days in that particular calendar month

anamenottaken

Anddos wrote: »

so how much per month mate, i dont like this percentage stuff?

Do you actually want the money to be paid out to you each month?

If you just want to "think" about how much is being added to your account, do you do division? If so take those yearly amounts and divide by 12.

If you want the amount to be paid out to you, ask Santander staff and see what they say.

anamenottaken

rockitup wrote: »

In the same order monthly interest will be:-

£8.75 Gross or £7.00 Net

£7.50 Gross or £6.00 Net

£8.25 Gross or £6.60 Net

The amounts may vary month to month as I think Santander and many other banks vary their monthly interest according to how many days in that particular calendar month

Careful - it's an ISA so you don't need to calculate the amount after tax.

Anddos

ok thanks , should i do it ?

this is the one i am currently with

ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-fixed-rate-bond/

how much a year interest will i get with that mates?

rockitup

anamenottaken wrote: »

Careful - it's an ISA so you don't need to calculate the amount after tax.

Whoops, I don't do ISA's... Living outside UK and not really happy with deposit savings rates anyway so my wonga goes into shares & funds mostly.

Cheers

Anddos

rockitup wrote: »

In the same order monthly interest will be:-

£8.75 Gross or £7.00 Net

£7.50 Gross or £6.00 Net

£8.25 Gross or £6.60 Net

The amounts may vary month to month as I think Santander and many other banks vary their monthly interest according to how many days in that particular calendar month

what do you mean by paid out to me?, can't you be paid monthly and it just means you gain interest monthly?

rockitup

Anddos wrote: »

ok thanks , should i do it ?

this is the one i am currently with

ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-fixed-rate-bond/

how much a year interest will i get with that mates?

That rate is 4.5% fixed till 2016, to pull out you incur a £30 charge as info from website states below.

Why invest in a 5 year ISA if you want the money out in first few months?

Making withdrawals
The Cash ISA Fixed Rate Bond is designed for savers who don’t need to access their funds before 29th April 2016. If you withdraw your money before that date, you will have to pay an early withdrawal charge of minimum £30 and the account will be closed.

Anddos

no mate i wont take anymoney out , i just want to see interest added per month , but was just asking how much interest i would get on top of 3k with my current isa at 4.5%,i am crap at percentage stuff and just like it in words like 3100 etc, is the new year the start of janaury so i will see interest added at the end of december, i am very new to this money stuff.