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Regular Savings Account - help please
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treasures
Posts: 65 Forumite


Hi - can anyone help me please? I had a regular savings account which matured in December. It paid 8% interest. For the first 7 months I paid in £300 a month then for the last 5 months I paid in £100 a month. Please can anyone work out how much they reckon the interest should be paid on this. I have not put here the amount I have been paid so that I don't influence the replys. Thanks
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Comments
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300*0.08 +
300 * 0.08 * (11/12) +
300 * 0.08 * (10/12) +
300 * 0.08 * (9/12) +
300 * 0.08 * (8/12) +
300 * 0.08 * (7/12) +
300 * 0.08 * (6/12) +
100 * 0.08 * (5/12) +
100 * 0.08 * (4/12) +
100 * 0.08 * (3/12) +
100 * 0.08 * (2/12) +
100 * 0.08 * (1/12) = ?0 -
A rough and ready way of doing this is as follows
7 months @ £300 = £2100
5 months @ £100 = £ 500
Total = £2600
Divide this by 2 to give an average balance during the 12 months = £1300
£1300 @ 8% gross = £104-00 gross £83-20 net0 -
Hi - can anyone help me please? I had a regular savings account which matured in December. It paid 8% interest. For the first 7 months I paid in £300 a month then for the last 5 months I paid in £100 a month. Please can anyone work out how much they reckon the interest should be paid on this. I have not put here the amount I have been paid so that I don't influence the replys. Thanks
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#savingscalc
work out interest on £300 for 12 months. divide by 12 then x by 7
work out interest on £100 for 12 months. divide by 12 then x by 5
add the 2 answers together.
£72.11 + £17.17 = £89.28 (basic rate tax)
hth
dx0 -
Please can anyone work out how much they reckon the interest should be paid on this.
Post #2 gives you the (almost**) correct method to calculate it.
What did they pay?
* You may find it's a few pennies out (not £20-25 out as the other replies are), due to weekends and perhaps Bank Holidays getting in the way and interfering with the SO dates.
** It doesn't allow for months having a different number of days in them, but it's as close as you'll get without doing 365 separate calculations!0 -
A rough and ready way of doing this is as follows
7 months @ £300 = £2100
5 months @ £100 = £ 500
Total = £2600
Divide this by 2 to give an average balance during the 12 months = £1300
£1300 @ 8% gross = £104-00 gross £83-20 net
So your rough and ready method must be flawed.0 -
Thanks all for your replies. They paid me 135.93 gross.0
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I have exactly the same account my last payment will be taken on December 28th and matures on January 28th. I've paid in £300 every month, anyone mind working out how much I should expect?0
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