Bank interest

zak2012

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

CLAPTON

zak2012 wrote: »

How much you earn for each bank if you have these following accounts ....
TSB Classic Plus 5%
TSB monthly saver 5%
Nationwide flexaccount 5%
M&S
tesco

thanks

depends upon how much you have in the account and for how long and currently your tax rate

Dan83

It depends how much is in each account.

How long have you had your nationwide account?

It's basic maths after that.

zak2012

Dan83 wrote: »

It depends how much is in each account.

How long have you had your nationwide account?

It's basic maths after that.

its new account,ijust edited my first post, thanks

LXdaddy

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.

grumbler

zak2012 wrote: »

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

£2000*5%*0.8
£250*6.5*5%*0.8
£2500*0% - and you don't need to pay £1000 in and to keep £2500 in Flexaccount.
...
...

CLAPTON

zak2012 wrote: »

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 interest

eskbanker

grumbler wrote: »

zak2012 wrote: »

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

£2000*5%*0.8
£250*6.5*5%*0.8
£2500*0% - and you don't need to pay £1000 in and to keed £2500 in Flexaccount.
...
...

Since you're a stickler for detail (as per your signature!) then it's perhaps worth noting that a maxed-out TSB Classic Plus will pay the gross rate of 4.89% rather than the 5% AER, as the interest can't compound.

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....

zak2012

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

LXdaddy

zak2012 wrote: »

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 answer

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%

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.

No_6

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 calculator