Just for fun - whats your average interest rate across savings?

100saving

BeachNut wrote: »

Shouldn't that be 3.06% ? 331.25 pa on 10,830.

I used Excel to work it out. how did you get 3.06%?

veryintrigued

100saving wrote: »

I used Excel to work it out. how did you get 3.06%?

I get a very different answer too! 2.86%.

I've assumed you only have £300 currently in the R.S. I could easily be wrong:

2.25% of 8530 = £191.93
5% of 2000 = £100
6% of 300 = £18

Hence currently total interest per year is £309.93 on capital of £10,830 = 2.86

newfoundglory

Halifax Online Saver - 2.8%
HSBC e-ISA - 2.75%
Nationwide MySave - 2.90%
HSBC Regular Saver - 6.0%
Santander eSaver 2.50%

i'm screwed after mid-september, because i'm going to have to find somewhere for all the cash i have saved. probably have to go santander 123 account for 20k, premium bonds for another 30k and the rest i don't know.

talexuser

Up until a few months ago I was getting over 3% on ALL cash accounts. Then had to swap around into the next best accounts held in reserve for bonus endings. Now:

cash isa 4%
santander 3.2%
britannia 3%
derbyshire 2.5%
bm 2.35%
coventry 2.25%
aldermore 2.1%

I think I'm lucky to still be all above 2%... My next best reserves in case of further cuts are now 1.65%, and you can't get this anymore with unlimited withdrawals in large, well known. and efficient organisations..

kidmugsy

3.96%. More than 90% of it tax-free. But driving towards the cliff.

Hungerdunger

My wife and I have our savings in a mixture of fixed rate "bonds", fixed rate ISAs and a couple of easy-access accounts. Currently we're earning 3.6% gross and 3.0% net overall.

The worrying thing is that when I first started calculating these figures 3 years ago they were 4.5% and 3.7% respectively, and I expect them to fall substantially later this year.

Our best rate is a 5 year account with Barnsley @ 5.4% gross, but that will be finishing in a year's time. With hindsight I wish we'd had more cash available to put into it at the time

droopsnoot

This is quite depressing, mine is now 3.26% before tax, and the majority of the balance is taxed. And that includes some "risky" (or unregulated) high-AER investments that might easily turn to dust, so the reality is below 2% if I only consider protected accounts.

100saving

veryintrigued wrote: »

I get a very different answer too! 2.86%.

I've assumed you only have £300 currently in the R.S. I could easily be wrong:

2.25% of 8530 = £191.93
5% of 2000 = £100
6% of 300 = £18

Hence currently total interest per year is £309.93 on capital of £10,830 = 2.86

i am confused how are you getting 2.86% as my average interest when two accounts are over 5%? are we going by average interest Rate or average interest that we get currently on what we have now?

droopsnoot

I would say it's got to include a reference to the balance you're getting that rate on, otherwise it's meaningless. So you can't just average 5, 6 and 2.25 to get 4.42, you have to take into account the balances. Overall, the 2.86% is your average rate because the total interest (309.93) is 2.86% of the capital (10830) at the moment.

100saving

droopsnoot wrote: »

I would say it's got to include a reference to the balance you're getting that rate on, otherwise it's meaningless. So you can't just average 5, 6 and 2.25 to get 4.42, you have to take into account the balances. Overall, the 2.86% is your average rate because the total interest (309.93) is 2.86% of the capital (10830) at the moment.

this might sound stupid but how did you work out the 2.86%? can you show your working out process so i can do this in the future?