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

MABLE

silverwhistle wrote: »

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!

I just love smart a...s:rotfl:

silverwhistle

MABLE wrote: »

I just love smart a...s:rotfl:

I defer to you on the contentless smart alec one liners.


Got any practical suggestions? The guy is obviously not an English speaker.

Terry_Towelling

silverwhistle wrote: »

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

Well maybe, but if you read some other posts from alandaniel132 you will see that he knows what 'interest' is, which makes it less likely to be a language difficulty.

I think there are many people out there who do not understand percentages and, when I was learning about them (with my Greek friend Pythagoras) I found it much easier to grasp when he translated the English words into mathematical terms. So that's what I've tried to do here.

Not sure whether I'm also being accused of being pompous or self-aggrandising but that was not my intent and the use of 'bold' text was simply to highlight the important parts.

@scgf I'm not sure what Jesus would have written because, apart from multiplying loaves and fishes, I am told he was rubbish at maths!:)

molerat

Terry_Towelling wrote: »

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).

Why are you using 3% ?

RG2015

molerat wrote: »

Why are you using 3% ?

Yes, it should be 2.96%

For the full £1,500 kept in the account the monthly interest will be as follows:

31 day month £3.77
30 day month £3.65
28 day month £3.41
29 day month £3.53

molerat

RG2015 wrote: »

Yes, it should be 2.96%

For the full £1,500 kept in the account the monthly interest will be as follows:

31 day month £3.77
30 day month £3.65
28 day month £3.41
29 day month £3.53

Last month, which was 31 days, I got £3.78.

Silvertabby

We have these accounts. We originally had the one joint account, but each opened single accounts just to take advantage of this deal.

We 'seeded' the 2 new accounts with £1.5K each, and set up direct debits of £500 - Mr S pays me £500, and I pay him £500. This satisfies the Ts&Cs.

Every little helps !

YorkshireBoy

Silvertabby wrote: »

We 'seeded' the 2 new accounts with £1.5K each, and set up direct debits of £500 - Mr S pays me £500, and I pay him £500. This satisfies the Ts&Cs.

Every little helps !

Standing orders (for Alan's benefit ).

RG2015

molerat wrote: »

Last month, which was 31 days, I got £3.78.

I did as well. However TSB emailed me to say the 3% AER / 2.96% gross rate was applicable from 2nd July so it should have been £3.65 for 30 days and £0.20 for the 1st July at 5% AER / 4.89% gross.

Therefore we are not up by £0.01 but down by £0.07.

System

eskbanker wrote: »

Indeed, some think nothing of starting pompous threads in which they try to take the moral high ground and criticise the entirely legitimate actions of other posters, labelling them as immoral, etc. And as for "the future consequences of bad actions are in Karma and in the perpetuation of negative energy", I'm surprised that this hasn't been submitted to Private Eye's Pseud's Corner feature....

I rest my case.