How to work out Interest on monthly saver

freezspirit

Currently on the phone to BS (on hold) so thought I would ask here, might be quicker.

Got 2 accounts would like to know what interest they managed to get. approx same day of month money put in or within a week.

first one 5.01% total £2400
Nov £300
Dec £300
Jan £300
Feb £300
Mar £300
Apr £300
May £150
Jun £150
Jul £50
Aug £50
Sept £100
Oct £50
Nov £50

second one 4% total £2400

Jan £500
Feb £200
Mar £500
Apr £200
May £100
Jun £100
Jul £50
Aug £50
Sept £50
Oct £50
Nov £50
Dec £50

Is there a small program/ database/spreadsheet I can get that can do this for me?

Vortigern

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

There's a calculator at the bottom of the page linked above

psychic_teabag

Unfortunately, that calculator only works when the payment is the same each month.

For your variable payments, you'll just have to work it out manually. eg the first one:
300 earned interest for 13 months
300 earned interet for 12 months
...
150 earned interest for 7 months
etc
and then just add up all the amounts.

(300 * 13 + 300 * 12 + ... + 50 * 2 + 5 * 1) * 5.01% / 12 = 90.80

£90 is equivalent to about 5% of £1800 : £1800 sounds about right for the average balance in the account over the year (since payments were higher at the start than at the end).

This is assuming the 5% rate has run for 13 months. But if it was a reg.saver, it would have matured after 12 months.

freezspirit

Thanks psychic teabag. the 5.01% came to £85.20 interest and the 4% doesn't mature until the 21st so couldn't tell me over the phone.

Interest rates completely fallen so have decided to spend the money. lol