TSB, £1,500, 3% How much will earn per month?

alandaniel132

How much will earn per month for TSB, £1,500, 3% interest?
Will it be like £4.00

Zanderman

1500 X 0.03 (i.e 3%) = 45 annually
45 divided by 12 months = 3.75 monthly
Actual amount will vary as months are different lengths

Mnd

Just under, as long as you leave the 1500 untouched.actual accurate amount will vary by number of days in the month

alandaniel132

Yes, i just keep £1,500 per month, untouched amount.
As they do not have the requirement of need pay in any amount per month and need any direct debits.

Zanderman

alandaniel132 wrote: »

Yes, i just keep £1,500 per month, untouched amount.
As they do not have the requirement of need pay in any amount per month and need any direct debits.

You do, I think, need to pay in £500 monthly don't you?

From the terms:

To earn interest (paid monthly), all you need to do is pay in a minimum of £500 a month, register for Internet Banking, Paperless Statements and Paperless Correspondence and log in regularly.

eskbanker

OP has an aversion to looking for account terms in the obvious places and prefers others on here to find them for him:

eskbanker wrote: »

Perhaps worth discovering the wonders of search engines and bank websites?

alandaniel132 wrote: »

I cannot find the T&C

alandaniel132 wrote: »

Cannot find the T&C, do you have the link?

alandaniel132 wrote: »

I cannot find the terms and condition of the bonus.

masonic

Even with the benefit of Zanderman's very generous post, there is still a chance we could be treated to further threads started on the subject in future. At least this one doesn't require a Paypal direct debit to be set up.

badger09

masonic wrote: »

Even with the benefit of Zanderman's very generous post, there is still a chance we could be treated to further threads started on the subject in future. At least this one doesn't require a Paypal direct debit to be set up.

I'll bring the popcorn :rotfl:

Terry_Towelling

To help you with your percentages going forward try to fix the following in your mind:-

1. 'Percent' means 'divided by 100'.
2. 'Of' means 'multiplied by'.

So, 3% of £1500 translates to '3 divided by 100 multiplied by 1500, which is 45

You then have to remember that this is for a whole year, so you divide £45 by 12 (months) to get the monthly amount, which is £3.75.

Of course each month is a different length, so the actual amount will vary slightly.

As others have warned you do also need to pay in at least £500 per month to qualify for interest with the TSB Classic Plus account.

Have you come into some money recently and how are the washer/dryer and the kitchen floor? (apologies for being nosey).

binaryuniverse

Along with the £500 in you also have to sign up for paperless and log in to the internet banking at least once a month.

silverwhistle

I would seriously consider asking your English teacher to explain some of these terms. An hour of private tuition a week would highlight the gaps in your knowledge.


Not a lack of mathematical knowledge, more a linguistic one, and I struggled with legalistic, formal Italian when I lived there!