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Bank interest
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zak2012
Posts: 326 Forumite
How much you earn for each bank if you have these following accounts ....i.e
TSB Classic Plus 5% pay in £500 a month and keep in £2000 always
TSB monthly saver 5% pay in £250 a month for 12 months
Nationwide flexaccount 5% pay in £1000 and keep £2500 all times.
M&S
tesco
basic tax payer rate 20%
thanks
TSB Classic Plus 5% pay in £500 a month and keep in £2000 always
TSB monthly saver 5% pay in £250 a month for 12 months
Nationwide flexaccount 5% pay in £1000 and keep £2500 all times.
M&S
tesco
basic tax payer rate 20%
thanks
0
Comments
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It depends how much is in each account.
How long have you had your nationwide account?
It's basic maths after that.0 -
If an interest paying account has a static balance for a year then the interest earned calculation is the amount that earns interest * EAR Interest%
If you have a monthly saver account where you deposit the same amount of money each month then the interest earned calculation is monthly deposit * 6.5 * Gross interest%
Both calculations will give you a gross interest value - depending on your circumstances you need to deduct an amount of your tax liability.0 -
How much you earn for each bank if you have these following accounts ....i.e
TSB Classic Plus 5% pay in £500 a month and keep in £2000 always
TSB monthly saver 5% pay in £250 a month for 12 months
Nationwide flexaccount 5% pay in £1000 and keep £2500 all times.
M&S
tesco
basic tax payer rate 20%
thanks
£250*6.5*5%*0.8
£2500*0% - and you don't need to pay £1000 in and to keep £2500 in Flexaccount.
...
...0 -
How much you earn for each bank if you have these following accounts ....i.e
TSB Classic Plus 5% pay in £500 a month and keep in £2000 always
TSB monthly saver 5% pay in £250 a month for 12 months
Nationwide flexaccount 5% pay in £1000 and keep £2500 all times.
M&S
tesco
basic tax payer rate 20%
thanks
maybe be a bit more attentive to detail
the N/W flexaccount pays no interest0 -
How much you earn for each bank if you have these following accounts ....i.e
TSB Classic Plus 5% pay in £500 a month and keep in £2000 always
TSB monthly saver 5% pay in £250 a month for 12 months
Nationwide flexaccount 5% pay in £1000 and keep £2500 all times.
M&S
tesco
basic tax payer rate 20%
thanks
£250*6.5*5%*0.8
£2500*0% - and you don't need to pay £1000 in and to keed £2500 in Flexaccount.
...
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Also, the 0.8 multiplier is only likely to be relevant until 5 April as interest will be paid gross after that.
Right, I think that's enough pedantry for now....0 -
Sorry im more confused now, my question was, how much in money i eran from these saving accounts? atleast how much from TSB monthly saver if i save £250 for one year on %5 intrest?and TSB classic plus, i need know how much intrest for i.e £50 intrest one year??etc.. ? thanks0
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Sorry im more confused now, my question was, how much in money i eran from these saving accounts? atleast how much from TSB monthly saver if i save £250 for one year on %5 intrest?and TSB classic plus, i need know how much intrest for i.e £50 intrest one year??etc.. ? thanks
I refer you to my earlier answerIf you have a monthly saver account where you deposit the same amount of money each month then the interest earned calculation is monthly deposit * 6.5 * Gross interest%so £250 * 6.5 * 5% is the gross amount of interest (approximately - because the months are not the same length) this will be liable to tax unless your total interest is more no than £1,000.0 -
OR if you don't know what interest you will get from a monthly saver,
there's plenty on google or even if you are that sad...
This is money- Daily Mail has a online calculator0
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