Calculating interest

bolo

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!

YorkshireBoy

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

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

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

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

YorkshireBoy

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

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?

bolo

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!

Lokolo

bolo wrote: »

Umm all these questions are answered in the first post...

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

Paid interest... which month???

McSaver

Its 366 Days this year - just to throw calculations into more of a bit of a mess.