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

Terry_Towelling

molerat wrote: »

Why are you using 3% ?

Mainly because my abacus has lost a few balls and arthritis prevents me from bending my fingers to make 2.96.

20SmthngSver

Depends on if there are 28 days, 30 days or 31 days in the month. About £3.65 average.

Terry_Towelling

molerat wrote: »

Why are you using 3% ?

Terry_Towelling wrote: »

Mainly because my abacus has lost a few balls and arthritis prevents me from bending my fingers to make 2.96.

Well, I've had my abacus repaired and it's been reinstalled on the bars of my cot, so I checked to make sure it was working properly.

I flicked my balls (ouch) to 2.96% gross and expected to see the AER work out at 3% - but of course it didn't and it never will unless you keep all of your interest in the account and the balance never exceeds £1500.

My TSB account is always at £1500, so any interest applied at 2.96% can never compound because it takes the balance above the interest-paying limit. Obviously, I never leave the interest in there to fester.

So, yes, we can all get 2.96% gross but those with £1500 sitting there constantly can never achieve the 3% AER. The same applies to all accounts that work this way.

bristolleedsfan

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..

:rotfl::rotfl::rotfl: https://forums.moneysavingexpert.com/discussion/6037799 :rotfl::rotfl::rotfl: