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

Ifts

More than three million savers with fixed-rate bonds maturing in next few months will suffer sharp drop in income -

Read more: http://www.thisismoney.co.uk/money/saving/article-2365996/Three-million-savers-face-fixed-rate-income-misery.html#ixzz2ZPTCZ2wH

Ifts

100saving wrote: »

so i can do this in the future?

total interest / total savings capital x 100

£309.93 / £10830 = 0.02861773 x 100 = 2.86%

MoneySaverLog

6% on regular savers, 4% vantage accounts, 5% on nationwide 0% interest free overdraft and credit card which i'm snoozing, my free fiver with halifax and 3.7% on ISA :-)

Archi_Bald

MoneySaverLog wrote: »

... which i'm snoozing...

sorry if this is a silly Q - what is snoozing in the context of money?

brendon

100saving wrote: »

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?

I've put together a spreadsheet you (and others) can use to calculate average rate: https://docs.google.com/spreadsheet/ccc?key=0AnJZbFoFjLHYdEZwSnlyaHZUSnQyci0tNG1aTy1HcVE#gid=0

My average comes to about 3.35% average. Most of the cash is 3%, with ZOPA return of about 4.5%.

veryintrigued

100saving wrote: »

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?

Hopefully my working shows it? You maybe need to do some investigation on what the true meaning of average (mean) is.

The 2.86% is the average on what you are currently getting across your investments. If you had (say) an account with a 10000% rate if you only had 1p in it, it would shift your average very little.

The more you have in the greater paying accounts the higher your average.

Hope this helps a little

veryintrigued

brendon wrote: »

I've put together a spreadsheet you (and others) can use to calculate average rate: https://docs.google.com/spreadsheet/ccc?key=0AnJZbFoFjLHYdEZwSnlyaHZUSnQyci0tNG1aTy1HcVE#gid=0

My average comes to about 3.35% average. Most of the cash is 3%, with ZOPA return of about 4.5%.

This is great - many thanks for this - proves I wasnt going crackers with my calcs for 100saving.

MoneySaverLog

Archi_Bald wrote: »

sorry if this is a silly Q - what is snoozing in the context of money?

Borrowing the banks money, at a low or zero percent interest rate and saving it elsewhere at a higher rate.

100saving

brendon wrote: »

I've put together a spreadsheet you (and others) can use to calculate average rate: https://docs.google.com/spreadsheet/ccc?key=0AnJZbFoFjLHYdEZwSnlyaHZUSnQyci0tNG1aTy1HcVE#gid=0

My average comes to about 3.35% average. Most of the cash is 3%, with ZOPA return of about 4.5%.

From looking at the spreadsheet how would you get it to work out the amount after tax? also for example the account 3 with 300 does not work out right as it is a fixed amount going in each month (£300), the end interest is £93 not the £172 this works it out as so not giving a true reflection on what the end worth.

cepheus

Mostly in Index linked NS certificates, but also these

Nat West Savings 2.85% up to 31 Oct 2013
Coventry BS 3 Yr Bond 5% up to 31st Aug 2013
BM savings 2 yr bond 3.75% up to 3rd July 2014
Cahoot 1 yr Bond 3.6% up to 2nd Sept 2013

I would guess the weighted average is around 3.5%

Edit - Yes 3.42% to be exact