Hsbc Online Saver

bp10885

I put in £3000 in this account which pays 4.75% gross and about 3.74ish% net, now it says at the end of the month we will pay your interest if you haven't made a withdrawal, OK, I don't withdraw...the gross is subject to 20% tax and I am on fairly low wages (I am a student!!!), how much interest should I get at the end of the month????

Because what I got is absolutley !!!!e!

grumbler

4.75%/12=0.396%..... £3000*0.396%=£11.88
3.74%/12=0.312%..... £3000*0.312%=£9.35

If you are not a taxpayer and want to receive interest gross you should submit some form (R85?) to your bank.

P.S. You don't pay tax if your income in current tax year is less than £4895.

ard123en

had you maxed your cash isa allowance first ?