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Marcus account interest calc question
George_Sand
Posts: 2 Newbie
Hi, does anyone know how interest is calculated for this account? For instance if I deposit today £1000, how much interest do I get on 1 December? Thanks.
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Comments
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Rather than simply throw a figure at you...George_Sand wrote: »Hi, does anyone know how interest is calculated for this account? For instance if I deposit today £1000, how much interest do I get on 1 December? Thanks.
Today will almost certainly be tomorrow at this hour.
As with all accounts, interest is calculated daily on Marcus at...
Closing balance x 1.49% gross p.a. / 365 x n
Where n is the number of days in the period.0 -
George_Sand wrote: »Hi, does anyone know how interest is calculated for this account? For instance if I deposit today £1000, how much interest do I get on 1 December? Thanks.
£1.22 (for the 30 days of November).0 -
SpanishBlue wrote: ȣ1.22 (for the 30 days of November).
Don't let it change you.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
YorkshireBoy wrote: »Rather than simply throw a figure at you...
Today will almost certainly be tomorrow at this hour.
As with all accounts, interest is calculated daily on Marcus at...
Closing balance x 1.49% gross p.a. / 365 x n
Where n is the number of days in the period.
That formula (containing the x n) works well if the balance is constant throughout the period "n", as in the OP's instance. I think a slightly more complicated calculation is needed if the daily balance varies thoughout the month. You can do it easily with a spreadsheet though.0 -
Marcus calculates interest daily and pays it monthly.
It is paid on the date you opened your account. so open on the 3rd and get your interest on the 3rd of the next month, if that day is not a working day, it will show on your account the next working day.0
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