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Bank interest

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zak2012
zak2012 Posts: 326 Forumite
edited 27 February 2016 at 11:01AM in Budgeting & bank accounts
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
«1

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
    Dan83 Posts: 673 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    It depends how much is in each account.

    How long have you had your nationwide account?

    It's basic maths after that.
  • zak2012
    zak2012 Posts: 326 Forumite
    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
    LXdaddy Posts: 693 Forumite
    Tenth Anniversary Combo Breaker
    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
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 February 2016 at 10:58AM
    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
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
    eskbanker Posts: 37,067 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    zak2012 Posts: 326 Forumite
    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
    LXdaddy Posts: 693 Forumite
    Tenth Anniversary Combo Breaker
    edited 28 February 2016 at 11:53AM
    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
    No_6 Posts: 835 Forumite
    Part of the Furniture Combo Breaker
    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 :(
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