Eating a Vegetarian Elephant

SandyShores

Yes thanks Chiglepig.  Last year 2020 was average of £12.23, and so far for 2021 its come down to £11.80 - a very nice surprise

Cheery_Daff

So interesting seeing all your daily interest payments. I never thought to work ours out (in fact I didn't know HOW to work it out, so I was about to ask you lot, then changed my mind and just googled it instead - it was easy!) 😂

Anyway, turns out ours is £11.13 a day - dreadful, but not quite as bad as I thought! (Which might mean I've worked it out wrong... 😂)

SandyShores

Hey Cheery_Daff, my mortgage account lists the amount of interest per year, so I calculated the number of days and just divided it.  It will be easier once the full year is up and I can use 365 (or 366 if its a leap year).  The only way I can calculate the actual interest is by logging in two days in a row and calculating the difference - but as the interest is added daily the amount of interest charged will rise.  I've been trying to log in the last two days of the month as that will be the highest point, then once the payment and OP are made shouldn't ever be as high as the highest previous point.  I think I'm making it really complicated so I'm going to stick to the annual figure.  £11.13 is really good - you'll soon be in the 10s.

savingholmes

Great progress seeing the daily interest rate come down.  

Chiglepig

My interest and online banking works the same as @SandyShores, I worked out the average by dividing the amount so far this year by 301 (the day of the year I checked it) hence the years average rather than current daily amount. I seem to remember that @South_coast was the expert at more sophisticated calculations, @Cheery_Daff. You'll soon have it under £11, and then, under £10!

South_coast

"The expert at more sophisticated calculations" - I love that 🤣! In reality, I am actually really bad at maths, it's just that percentages and decimals were the one thing which seem to have stuck when I learned them. 

Anyway, this is the way I explained it before:
You need to multiply your balance by the interest rate as a decimal and then divide by the number of days. As an example, if your balance was £100k and your interest rate was 1.5% it would be:
100,000 * 0.015 = £1,500 per year
Divide by 365 for daily interest = £4.11
Divide by 12 for monthly interest = £125

I seem to recall being corrected by someone who said that a spreadsheet would work it out more accurately because of interest accruing daily, but hey it was accurate enough for me in my journey to becoming MF 🤣!

Cheery_Daff

I *think* that's roughly how I worked it out, following the wisdom of Google 😂😂

2.26% interest rate ÷ 100 = 0.0226
0.0226 ÷ 365 days = 0.0000619178
× 179904 remaining balance
= £11.14 

Possibly not that accurate but will do for now, and doesn't involve me logging into the building society!

savingholmes

Mine is due to be £10.18 in interest per day approx. on £202K at 1.84%

Karmacat

Respect to all those who are working on this - such an achievement to reach each milestone!

Chiglepig

Everyone has had such a busy week on here! - I've not been around, because - work. But not much to report. Another £3 on Populus, continual screening out or failed surveys on Nec Canvass, and You Gov decided not to like me, so I can't log in!

I think when the CC bill comes in for Oct, it will be big - glasses (which I still don't have) and a big stock up on dog and cat food.

I also have to consider whether to renew insurance for Puss - she's 7 now, so the most dangerous years are behind her and she is likely to be looking at a good few healthy years, so I am considering self insuring.

PBs Mr C got £25 and considers that boring , I had 6x£25