how much interest will i get with 3k

Jegersmart

0/10

imho

Anddos

pardon , i dont understand

CLAPTON

its really not all that difficult

assuming the money is in an ISA and so is tax free then
if you save 3,000 for a full year (12 months) at 1% then you will get 3000 x 1/100 = £30
if you save 3,000 for a full year at 2% then you earn 3,000 x 2 /100 = £60
if you save 3,000 for a full year at 3% then you earn 3,000 x 3 /100 = 90

if you want to know the interest earned monthly then you can divide the yearly amount by 12 (approximately) i.e. 90/12 = £7.5 per month approximately (it will be a little less in the early months and a little more in the later months)

obviously if you only save for less than a year the interest will be less

ISAs generally pay out at tax financial year end i.e end of March or early April; you will need to look at the details of each a/c to see
only a few pay monthly interest but again you need to read the a/c details

Jegersmart

Anddos

My own opinion is that you should find someone you can really trust to look after your investments. I do not mean to be rude, but percentages are understood my some as young as 6 years old but that is fine, it is just that I wouldn't be looking after my own money if I didn't have a clue about mathematics. I really do not mean to cause offence, I am trying to help.

the 0/10 comment earlier was a widely-used internet jibe - i.e. that I give 0/10 for this trolling attempt - because to be honest I haven't met anyone who does not understand basic mathematics and I suspected that you were "having a laugh"...if you see what I mean?

Either way - good luck!

Anddos

CLAPTON wrote: »

its really not all that difficult

assuming the money is in an ISA and so is tax free then
if you save 3,000 for a full year (12 months) at 1% then you will get 3000 x 1/100 = £30
if you save 3,000 for a full year at 2% then you earn 3,000 x 2 /100 = £60
if you save 3,000 for a full year at 3% then you earn 3,000 x 3 /100 = 90

if you want to know the interest earned monthly then you can divide the yearly amount by 12 (approximately) i.e. 90/12 = £7.5 per month approximately (it will be a little less in the early months and a little more in the later months)

obviously if you only save for less than a year the interest will be less

ISAs generally pay out at tax financial year end i.e end of March or early April; you will need to look at the details of each a/c to see
only a few pay monthly interest but again you need to read the a/c details

thanks that cleared it up really well, so if its 4.5% and looking to get about 120 to 130 pounds interest right,i am going to be putting more in the isa account btw , 5k is max you can put in right per year, so after i reach the maxium i just have to sit back and watch the interest build up

le_loup

Anddos wrote: »

5k is max you can put in right per year, so after i reach the maxium i just have to sit back and watch the interest build up

This year £5,340.
Next year more.

Anddos

this is what it says in my internet banking

Cash ISA Information Tax Year To Date Deposits Made: 2,800.00
Total Deposits Allowance Remaining: 2,540.00

so much much will i be able to put it in next year?
i am not even sure which isa i went with lol..all it says in online is 370 - CASH ISA so it might not even be 4.5%, i just see 4.5% on the homepage for isa

le_loup

Bit more effort required, methinks.
Not being able (or willing) to do sums is one thing, but not caring about your money is quite another.

Reaper

Anddos wrote: »

Cash ISA Information Tax Year To Date Deposits Made: 2,800.00
Total Deposits Allowance Remaining: 2,540.00

The amount you can add each year is limited. This year you can add £2540 more.

so much much will i be able to put it in next year?

Next year you can add another £5340. That's tax years so after 5th April.

i am not even sure which isa i went with lol..all it says in online is 370 - CASH ISA so it might not even be 4.5%, i just see 4.5% on the homepage for isa

Almost certainly not then. The banks have a bad habit of launching new accounts each year with large interest rates but reducing the amount paid on all the existing ones people have taken out in previous years.

Anddos

Reaper wrote: »

The amount you can add each year is limited. This year you can add £2540 more.
Next year you can add another £5340. That's tax years so after 5th April.

when someone said you can add more next year , i thought they ment like you can add more than 5340, if i fill it to 5340 this year how much interest am likely to get, i am thinking around 150 pound if its 4.5% interest, so when i fill it the next year the interest will double right to 300 ,is there no limit set to how much interest can get added right?