TSB Monthly Saver still 2%

MACKEM99

glider3560 said:

MACKEM99 said:

ColdIron said:

MACKEM99 said:

If I put £100 per month into this account how much interest do I get after 1 year

2% pa for every pound

2% of £1200 = £24.

The account will only contain £1200 for one month.  You only earn interest on money actually in the account, just like every savings account.

That is my point.  People look at the figure of 2% and think the whole amount will increase by this figure.  I am aware of what AER is.

MACKEM99

RG2015 said:

This is a bit like calculating the value of pi. It goes on forever.

Or the common denominator they were looking for that when I was at school and they are still looking for it now.

ColdIron

A pint of Stella Artois contains about 5% alcohol by volume (ABV). If you ordered a half a pint of wife beater would you complain to the landlord that he has diddled you as you had only received 2.5%?

You confuse the rate or ABV with the amount. But you know this don't you and for some reason persist in making yourself look foolish. But as I say you have every right to be wrong

MACKEM99

ColdIron said:

A pint of Stella Artois contains about 5% alcohol by volume (ABV). If you ordered a half a pint of wife beater would you complain to the landlord that he has diddled you as you had only received 2.5%?

You confuse the rate or ABV with the amount. But you know this don't you and for some reason persist in making yourself look foolish. But as I say you have every right to be wrong

Ha ha keep taking the pills.

coyrls

MACKEM99 said:

People look at the figure of 2% and think the whole amount will increase by this figure.

Who are these people?

soulsaver

Are the kids off school?

Tildaplum

Interest is calculated daily on the balance and is paid at the end of the 12-months ie it is not compounded.

So assuming you open the Regular Saver and put £200 in then you will earn 2% * 200/365 gbp per day

when you next put a further £200 in, your balance would increase to £400 and the interest will be calculated on this amount

At the end of the year they will add up all the daily interests you have earned and add it to your balance.