I want a monthly income from my inheritance, what should I do?
Options
Comments
-
-
I don't think you know how interest rates work. To get £1,000 per month at 2% you would need to start with £600,000. Interest rates are expressed as a per year figure so 2% of £100 would be £2 per year or not quite 17 pence per month. If you locked your whole £120,000 away for a year at 2% you would get £2,400 after a year which is the same as £200 per month. You need to rethink your plans
That said there is no reason to put up with an awful rate of 0.35%0 -
I don't think you know how interest rates work. To get £1,000 per month at 2% you would need to start with £600,000. Interest rates are expressed as a per year figure so 2% of £100 would be £2 per year or not quite 17 pence per month. If you locked your whole £120,000 away for a year at 2% you would get £2,400 after a year which is the same as £200 per month. You need to rethink your plans
That said there is no reason to put up with an awful rate of 0.35%
No, it is actually a 2% interest monthly, not annually.0 -
....2% interest PER MONTH.....OMG tell me the account quickly, all my money worries are over...!!0
-
We are intrigued - 2% MONTHLY?0
-
leslishambly wrote: »There can be a process, using that process you can get from them.
Wise words, mate.0
This discussion has been closed.
Categories
- All Categories
- 343.5K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.6K Work, Benefits & Business
- 608.5K Mortgages, Homes & Bills
- 173.2K Life & Family
- 248.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards