Calculate interest on regular saver with interest rate increases

kev2009

Hi all,

How do you calculate interest on a regular saver when the interest rate has changed several times?  I've lost track of when they changed so just trying to work out what I'm likely to get as it matures next month.

Mine is with CoventryBS.

Thanks

Kev

RG2015

There is an option with Coventry to close the account online and this shows the interest payable now (less penalty) and the penalty. Just add the penalty to the interest and that is the interest to date.

You don't need to close it and once you have the figures you can cancel out of the page.

This will give you the interest to date and you just need to add the interest from now until the maturity date. That should be relatively easy for the current balance at the current rate (plus any further additions at the current rate).

Edit. The close account option is in the account details section.

AndyTh_2

RG2015 said:

There is an option with Coventry to close the account online and this shows the interest payable now (less penalty) and the penalty. Just add the penalty to the interest and that is the interest to date.

You don't need to close it and once you have the figures you can cancel out of the page.

This will give you the interest to date and you just need to add the interest from now until the maturity date. That should be relatively easy for the current balance at the current rate (plus any further additions at the current rate).

and with that interest payable I can add my transactions to a spreadsheet and do an XIRR function to work out the annual effective % return so far.

RG2015

AndyTh_2 said:

RG2015 said:

There is an option with Coventry to close the account online and this shows the interest payable now (less penalty) and the penalty. Just add the penalty to the interest and that is the interest to date.

You don't need to close it and once you have the figures you can cancel out of the page.

This will give you the interest to date and you just need to add the interest from now until the maturity date. That should be relatively easy for the current balance at the current rate (plus any further additions at the current rate).

and with that interest payable I can add my transactions to a spreadsheet and do an XIRR function to work out the annual effective % return so far.

Yes, and if you already have a spreadsheet you can calculate the expected final interest using the effective dates of each rate increase.

kev2009

Thanks all, will check my account.

Kev