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Calculating interest

24

Comments

  • bolo
    bolo Posts: 919 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Total input is £3500 not £3750. I have done exactly that. as i said i just cant believe the banks would actually give me more money!
    If i have helped, use the thanks button!
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    bolo wrote: »
    Compounding the interest tells me that the bank have paid me £2.31 too much.
    What do you mean by "compounding the interest" (on a yearly interest paying 12 month regular saver)?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    bolo wrote: »
    Total input is £3500 not £3750. I have done exactly that. as i said i just cant believe the banks would actually give me more money!

    What date did you start? With what opening balance? And when were you paid interest?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    bolo wrote: »
    Total input is £3500 not £3750.
    You missed a trick there then. You could have paid in 18/5 (or even a little bit before), and then again in June, meaning the closing balance would have been £3,750 for interest earning purposes (although this is of more benefit to those of us with the two year version. :))
  • bolo
    bolo Posts: 919 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    IE earning interest on the daily interest (even though the interest is not cleared in my account). I know the banks probably don't do this, but it gives me a closer answer
    If i have helped, use the thanks button!
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    bolo wrote: »
    IE earning interest on the daily interest
    You don't earn interest on interest in a 12 month regular saver account paying annual interest.
  • bolo
    bolo Posts: 919 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Umm all these questions are answered in the first post...
    Lokolo wrote: »
    What date did you start? With what opening balance? And when were you paid interest?
    If i have helped, use the thanks button!
  • bolo
    bolo Posts: 919 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    YorkshireBoy wrote: »
    You don't earn interest on interest in a 12 month regular saver account paying annual interest.


    Fine, i understand that, but if that is so then lloyds are giving me more money than they should be then. ANd i don't believe they would!
    If i have helped, use the thanks button!
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    bolo wrote: »
    Umm all these questions are answered in the first post...

    Opening on the 5th.... (which month???)

    Paid interest... which month???
  • McSaver
    McSaver Posts: 609 Forumite
    Its 366 Days this year - just to throw calculations into more of a bit of a mess.
    Had £80,000 in Savings - All GONE!!! BYE BYE
    :A Single, 27, Aspie, Gooner :A
This discussion has been closed.
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