Interest Amount Query ?

Wheres_My_Cashback

Maths never was my strong point so can someone help me work this out.

I have a FD cash ISA at 3.00% tiered if £40K+ in the account.

Basically opened with £1 on 14/04
Transfers in of £44102.33 on 17/05*
Interest paid £137.76 on 16/06.

*Dated 17/05, but funds of £11511.92 and £26831.41 arrived on the 8th and 10th respectively I believe.
Cash transfer of £5759 on 17/05.

Is the interest correct if these dates are correct. I'm basically trying to check that they have backdated the interest correctly.

Thanks for your help.

YorkshireBoy

£11,511 x 2.96% / 365 x 41 days = £38.27
£26,831 x 2.96% / 365 x 39 days = £84.86
£5,759 x 2.96% / 365 x 37 days = £17.28

Total............................................£140.41

NB: I've discounted the £1, rounded the figures, and may be a day out here and there!

But it looks somewhere near to me. Now you know how to calculate it, you can play around with the dates yourself to see if you can get £137.76.

ffacoffipawb

I make the interest £108.75 your figure looks a bit high ...

Amount ____Deposited__Interest Days ___Interest
1.00_______14-Apr ____16-Jun _63.00___0.01
11,511.92___17-May____16-Jun _30.00___28.39
26,831.41___17-May ___16-Jun __30.00__66.16
5,759.00____ 17-May___16-Jun __30.00__14.20
TOTAL ______________________________108.75

To do the calc properly we need the backdated date!

Wheres_My_Cashback

ffacoffipawb wrote: »

To do the calc properly we need the backdated date!

Wheres_My_Cashback wrote: »

£11511.92 and £26831.41 arrived on the 8th and 10th respectively I believe.

As above....

YorkshireBoy

ffacoffipawb wrote: »

To do the calc properly we need the backdated date!

...and we also need to use the gross p.a. rate (of 2.96%), not the AER.

innovate

There's probably different interest rates for different dates. The 3% AER only kicks in above £30K

http://www2.firstdirect.com/1/2/savings/cash-isa?WT.ac=FDST_LHM_SAV_CISA1001


I cba doing the calculations for the OP, they should do them themselves.

Wheres_My_Cashback

innovate wrote: »

There's probably different interest rates for different dates. The 3% AER only kicks in above £30K

http://www2.firstdirect.com/1/2/savings/cash-isa?WT.ac=FDST_LHM_SAV_CISA1001


I cba doing the calculations for the OP, they should do them themselves.

Maybe the Op wasn't too sure how to work it out.

If you can't be arsed why bother responding!! Nice to see some are more helpful than idiots like you !!

SnowMan

Wheres_My_Cashback wrote: »

Is the interest correct if these dates are correct. I'm basically trying to check that they have backdated the interest correctly.

It looks about right see this spreadsheet and the figure in column L9.

You can download that spreadsheet by choosing the file download menu option

talexuser

Snowman's spreadsheet is really excellent, highly recommended!

bengal-stripe

Wheres_My_Cashback wrote: »

Maths never was my strong point......

Obviously, rudeness is one of your very strong points.

Wheres_My_Cashback wrote: »

If you can't be arsed why bother responding!!

Wheres_My_Cashback

innovate wrote: »

I cANT bE aRSED doing the calculations for the OP, they should do them themselves.

bengal-stripe wrote: »

Obviously, rudeness is one of your very strong points.

Well if you think coming on here to post that you can't be arsed isn't rude then obviously that says a lot about you too doesn't it.

A question of help was asked. Some posters provided the help and I thank them for that. Other posters such as yourself and Innovate obviously think you're better than others with your high and mighty attitudes!!!

The forum is here for people to ask valid questions.