How much interest in a year please?/

booklover

Hello

My friend has an account with Halifax Websaver (Interest rate currently 5.50% Gross p.a.) and told me she has just received £1780 in interest!!! That seems a lot.

Although she told me she has had about 30k in it over the last year.

I was wondering if that is a good rate and maybe I could consider it for my savings.... of about 5k.

Many thanks

Fiona

purch

£30,000 times 5.5 times 365 days divided by 36500 equals £ 1650

booklover

Thanks purch

I guess its not a bad amount. .. I wish my maths was better....

Fiona

booklover

albertross wrote: »

multiplied by 0.8 if she pays tax she probably has nearer 40454


there are better rates available

http://www.moneyfacts.co.uk/savings/default.aspx

Thanks albertross

Fiona

Mikeyorks

It's only been 5.5% since August 07 - haven't got the old rates handy - but it's been circa 5% most of the year.

And the variable Web now has tiered rates - you only get 5.5% at £25k and above. But your £5k will only attract a slightly lower value at 5.4%

I picked up their fixed rate Web at 6.88% only last week ( 3 months) - but I see thats down considerably now at just over 6.2%. You're best looking round - definitely better rates than 5.3% - but depends how much flexibility you need with where you place it?

booklover

Thanks for that info Mikeyorks

Fiona

Mikeyorks

You're welcome.

Use the Moneysupermarket link at the very top of this thread (or the link in post #3) to research best rates. The first one allows you to refine the search depending on instant access / can tie it up for a year etc.