Interest earned calculator for ongoing variable savings?

88Parrot88

Is there a way of calculating interested you would earn after x number of months of continuous but variable saving payments? E.g. month 1 I pay in £500; month 2 I pay in £300, month 3 I pay in £400, etc. and I wanted to know what I would have in a 5% savings account. The calculators and guides for excel I can find online either assume you pay a lump sum and let it sit there or that you'll be paying in the exact same amount every month.

grumbler

Excel is your best friend for getting an accurate figure, especially as interest is calculated daily and number of days in month varies. And the days when you make deposits can be not the same.

Otherwise use the calculators you found and calculate the interest separately for each deposit, then add it up.

That said, I can't be bothered checking the interest calculated by banks.

Vortigern

There was a spreadsheet shared on this forum some time ago, but  can't find it now.

You could make your own spreadsheet

One row for each deposit

One row for each withdrawal

One row for each change of interest rate

Columns for date, amount of deposit or withdrawal, cumulative total, current interest rate

Last column calculates the interest between 2 dates.

Have today's date as the last entry in the first column.

Sum of last column gives total interest.

RG2015

88Parrot88 said:

Is there a way of calculating interested you would earn after x number of months of continuous but variable saving payments? E.g. month 1 I pay in £500; month 2 I pay in £300, month 3 I pay in £400, etc. and I wanted to know what I would have in a 5% savings account. The calculators and guides for excel I can find online either assume you pay a lump sum and let it sit there or that you'll be paying in the exact same amount every month.

Month 1,    £500 x 5% / 12 = £2.08
Month 2,    £800 x 5% / 12 = £3.33
Month 3, £1,200 x 5% / 12 = £5.00

Total for 3 months = £10.41