We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help to buy ISA interest help
Dizzy_Ditzy
Posts: 17,471 Ambassador
Hi
This is all very, very new to me. I opened a HTB ISA with Virgin Money early April and selected monthly interest payments when I opened it. This should be at 2.25%. My opening balance was just over £400 so I was really surprised to log into my account last night and see that this months interest payment is all of 24p! My calculations work out that it should be much more than that!
Does anyone know why the interest is lower than expected please?
Thank you
This is all very, very new to me. I opened a HTB ISA with Virgin Money early April and selected monthly interest payments when I opened it. This should be at 2.25%. My opening balance was just over £400 so I was really surprised to log into my account last night and see that this months interest payment is all of 24p! My calculations work out that it should be much more than that!
Does anyone know why the interest is lower than expected please?
Thank you
I’m a Forum Ambassador and I support the Forum Team on the Health & Beauty, Greenfingered Moneysaving and How Much Have You Saved boards. If you need any help on these boards, please do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com
All views are my own and not the official line of MoneySavingExpert
All views are my own and not the official line of MoneySavingExpert
0
Comments
-
Dizzy_Ditzy wrote: »Hi
This is all very, very new to me. I opened a HTB ISA with Virgin Money early April and selected monthly interest payments when I opened it. This should be at 2.25%. My opening balance was just over £400 so I was really surprised to log into my account last night and see that this months interest payment is all of 24p! My calculations work out that it should be much more than that!
Does anyone know why the interest is lower than expected please?
Thank you
How much more and what are your 'calculations'?0 -
How much more and what are your 'calculations'?
I reckon it should have been around the £4 mark if based on balance prior to 27th April or £9 something if based on balance on 30th April. Definitely more than 24p!
I am not a mathematician (i dont even know if i can spell it properly never mind be one!) but googling 2.25% of X amount tells me the figures i am looking for :cool:I’m a Forum Ambassador and I support the Forum Team on the Health & Beauty, Greenfingered Moneysaving and How Much Have You Saved boards. If you need any help on these boards, please do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com
All views are my own and not the official line of MoneySavingExpert0 -
Dizzy_Ditzy wrote: »Hi
This is all very, very new to me. I opened a HTB ISA with Virgin Money early April and selected monthly interest payments when I opened it. This should be at 2.25%. My opening balance was just over £400 so I was really surprised to log into my account last night and see that this months interest payment is all of 24p! My calculations work out that it should be much more than that!
Does anyone know why the interest is lower than expected please?
Thank you
It's not 2.25% a month, it's 2.25% per annum. For a full month it should be around 82p interest on £400.
https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.phpIt's nothing , not nothink.0 -
It tells you the figure for the annual interest. Divide that by 365 to get the daily interest, then multiply by the number of days between the account opening date and whenever they paid the interest.Dizzy_Ditzy wrote: »googling 2.25% of X amount tells me the figures i am looking for :cool:0 -
parkrunner wrote: »It's not 2.25% a month, it's 2.25% per annum.It tells you the figure for the annual interest. Divide that by 365 to get the daily interest, then multiply by the number of days between the account opening date and whenever they paid the interest.
Oh of course it is! D'you know, as soon as I saw your replies, the proverbial light bulb went off in my head!
Thank you for confirming that I am being incredibly blonde! I’m a Forum Ambassador and I support the Forum Team on the Health & Beauty, Greenfingered Moneysaving and How Much Have You Saved boards. If you need any help on these boards, please do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com
All views are my own and not the official line of MoneySavingExpert0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards