Interest Received - could someone please double check?

rb10

Hi,

Just wondered if someone would be so good as to double check the amount of interest that I've received on my Santander First Home Saver account.

Interest rate is 5% gross, and has been for the whole year, but I'm a taxpayer.

Interest last paid 07/10/11 - took balance to 8866.24.
Monthly payments into the account shown below, along with the total balance at that point:

02/11/2011 300 9166.24
02/12/2011 300 9466.24
03/01/2012 300 9766.24
02/02/2012 300 10066.24
02/03/2012 300 10366.24
02/04/2012 100 10466.24
02/05/2012 100 10566.24
06/06/2012 100 10666.24
02/07/2012 300 10966.24
02/08/2012 300 11266.24
03/09/2012 300 11566.24
02/10/2012 300 11866.24

So how much interest should I have received on 7th October this year...?

(My answer and Santander's answer are different by £36...)

mania112

Are you a 20% taxpayer - and not close to breaching 40%?

rb10

mania112 wrote: »

Are you a 20% taxpayer - and not close to breaching 40%?

Yes, 20% taxpayer, still some way off 40% at the moment!

Consumerist

My spreadsheet comes up with £540.88 gross (£432.70 net).

I've used 5.1162% AER (= 5.00% gross paid monthly).

Hope that's close to what you expected.

Edit
Oops! Missed the 3 lots of £100

Now I get £528.00 gross (£422.40 net basic-rate).

Lokolo

Hmmm

I made is £514 before tax, £411.96 after

I used 5% AER though

rb10

Consumerist wrote: »

My spreadsheet comes up with £540.88 gross (£432.70 net).

I've used 5.1162% AER (= 5.00% gross paid monthly).

Hope that's close to what you expected.

Thanks

It's 5% gross paid annually on this account (so also 5% AER).

With this, I got £413.27 net, whilst Santander only paid £377.

rb10

Lokolo wrote: »

Hmmm

I made is £514 before tax, £411.96 after

I used 5% AER though

Cheers Lokolo, much appreciated.

Definitely going to be challenging Santander on this one!

Consumerist

At 5.00% AER :-

£516.02 gross (£412.81 net basic-rate)

jimjames

Does the money deposited start earning interest immediately? Or is there some delay like start of the next month? That might account for a difference

rb10

jimjames wrote: »

Does the money deposited start earning interest immediately? Or is there some delay like start of the next month? That might account for a difference

Thanks for the suggestion, it certainly should start earning interest straight away, and has been fine in previous years for me.

There are other threads on this forum, however, where people have been under-paid interest on this account.

mania112

My minds gone completely blank, but why isn't the 5% AER Gross

£593.31? (£11,866.24 + 5%)