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Are we today witnessing the most blatant insider trading of bank shares ever?
Comments
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2sides2everystory wrote: »Oh right - you're the one who works in financial services but isn't so hot calculating interest ?
There wasn't anything wrong with his calculation of interest in that post, but was instead missing a part of his point.0 -
2sides2everystory wrote: »Oh right - you're the one who works in financial services but isn't so hot calculating interest ?
Laughable, really.
Stick to the conspiracy theories, it's more entertaining than botched personal attacks.I am an IFA, but nothing I say on this forum constitutes financial advice. Always draw your own conclusions and always do your own research.0 -
Well I grant that he who laughs last laughs longest but as soon as I saw the "~£144" gross interest I didn't think it rang true.There wasn't anything wrong with his calculation of interest in that post, but was instead missing a part of his point.
I haven't time to double check this so have a laugh on me if I am wrong but here's a quick calculation from a spreadsheet:
8% New Bal Int this mth End mth
01/11/2011 £300 £1.90 £301.90
01/12/2011 £601.90 £3.95 £605.85
01/01/2012 £905.85 £5.94 £911.79
01/02/2012 £1,211.79 £7.43 £1,219.22
01/03/2012 £1,519.22 £9.96 £1,529.19
01/04/2012 £1,829.19 £11.61 £1,840.79
01/05/2012 £2,140.79 £14.04 £2,154.83
01/06/2012 £2,454.83 £15.58 £2,470.41
01/07/2012 £2,770.41 £18.17 £2,788.58
01/08/2012 £3,088.58 £20.25 £3,108.83
01/09/2012 £3,408.83 £21.63 £3,430.46
01/10/2012 £3,730.46 £22.88 £3,753.34
30/10/2012 £4,053.34
TOTAL INT GROSS £153.34
NET of 20% TAX £122.68
I also believe it is worth pointing out that if you can exploit the bank's one deposit maximum per calendar month rule (not sure FD works that way but Barclays used to) by making a first deposit say in this example on 31/10/2011, you can make the second on 01/11/2011 and monthly hereafter and bag an extra twenty odd quid gross interest at the end.
Sorry its a bit off topic but then again if I am right, it isn't, and simply backs up what I was saying about who inhabits what, especially in the financial services game.0 -
2sides2everystory wrote: »Well I grant that he who laughs last laughs longest but as soon as I saw the "~£144" gross interest I didn't think it rang true.
I always thought ~ meant approximately. I suspect the OP did this because he had more important things to do than calculate the exact amount. CLAPTON on numerous times gives the estimation of a regular saver to be 6.5x the yearly interest, which gives £156. It's not an exact amount no, but merely an approximation.
If you really want to be picky, Martin's regular saver calculator says £123.62 after basic tax, which means you are £1 off...... someone with a science degree from a top 3 uni should be able to calculate a simple interest calculation surely?
But well done on making your posts easier to read compared to your old rambling posts, makes it a lot easier to get your point!0 -
2sides2everystory wrote: »who inhabits what
Underneath a bridge, perhaps?Living for tomorrow might mean that you survive the day after.
It is always different this time. The only thing that is the same is the outcome.
Portfolios are like personalities - one that is balanced is usually preferable.
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Yes so I wouldn't be surprised if the guy that did the calculator might be a pound out if he didn't use a formula as rigorous as mine. Mine calculates daily interest exactly. You may have used a different date range or ... who knows ... anyway, must dash and will leave you lovely people to play away ...If you really want to be picky, Martin's regular saver calculator says £123.62 after basic tax, which means you are £1 off...... someone with a science degree from a top 3 uni should be able to calculate a simple interest calculation surely?
Don't push it, LokoloBut well done on making your posts easier to read compared to your old rambling posts, makes it a lot easier to get your point! 0 -
2sides2everystory wrote: »Don't push it, Lokolo
That wasn't sarcastic honest!0 -
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I'm glad to see this thread has turned into a discussion about something tangible (i.e. the fallacy of a rough estimate of annual interest, indicated by the ~), rather than an incoherent ramble about the illuminati.
The rough guide to a regular saver's interest is, and always has been, half of the headline rate. Yes, the maths is more complicated than that, but we do all have day jobs (I presume).I am an IFA, but nothing I say on this forum constitutes financial advice. Always draw your own conclusions and always do your own research.0 -
Ugh. No, no, no, no. :wall:The rough guide to a regular saver's interest is, and always has been, half of the headline rate. Yes, the maths is more complicated than that, but we do all have day jobs (I presume).
If someone saves monthly, a 5% regular saver is better than a 3% instant access, so telling people that it's only "worth" 2.5% is just wrong.I've got a plan so cunning you could put a tail on it and call it a weasel.0
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