Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • tinker15
    • By tinker15 6th Jul 18, 9:29 AM
    • 1,318Posts
    • 6,206Thanks
    tinker15
    Tool to calculate savings interest
    • #1
    • 6th Jul 18, 9:29 AM
    Tool to calculate savings interest 6th Jul 18 at 9:29 AM
    Hi, I need to calculate what interest I would have received in a savings account on a sum from many years ago. Can anyone recommend a tool to do this please?
    Comping from May 2012

    Thank you to all that post & contribute, I think you are wonderful, I could not achieve without your help
Page 1
    • B_G_B
    • By B_G_B 6th Jul 18, 9:51 AM
    • 456 Posts
    • 456 Thanks
    B_G_B
    • #2
    • 6th Jul 18, 9:51 AM
    • #2
    • 6th Jul 18, 9:51 AM
    Loads online. Take your pick.

    https://www.google.co.uk/search?source=hp&ei=nSw_W82QMcr0kgX1-qHoCg&q=savings+interest+calculator&oq=savings+int erest&gs_l=psy-ab.1.0.0l10.450.11560.0.17477.17.16.0.0.0.0.101.12 64.15j1.16.0....0...1.1.64.psy-ab..1.16.1262.0..35i39k1j0i131k1.0.hHTxHGA8yE0
    • tinker15
    • By tinker15 6th Jul 18, 10:42 AM
    • 1,318 Posts
    • 6,206 Thanks
    tinker15
    • #3
    • 6th Jul 18, 10:42 AM
    • #3
    • 6th Jul 18, 10:42 AM
    Thanks I have googled but nothing suitable. I require a tool that can calculate over at least a 10 year period to cover various rates. I haven't found one that can cover one year.
    Comping from May 2012

    Thank you to all that post & contribute, I think you are wonderful, I could not achieve without your help
    • JohnRo
    • By JohnRo 6th Jul 18, 11:05 AM
    • 2,665 Posts
    • 2,486 Thanks
    JohnRo
    • #4
    • 6th Jul 18, 11:05 AM
    • #4
    • 6th Jul 18, 11:05 AM
    Openoffice calc or similar, it's likely to be the only way you'll get exactly what you want.

    Do you have all the various interest rates and dates?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • Paul_DNAP
    • By Paul_DNAP 6th Jul 18, 11:43 AM
    • 296 Posts
    • 355 Thanks
    Paul_DNAP
    • #5
    • 6th Jul 18, 11:43 AM
    • #5
    • 6th Jul 18, 11:43 AM
    You could get an approximation by doing it on a spreadsheet, start Column A with year, column B the initial investment, column C the interest rate for that year, then column D = investment*(1+rate). Copy that result to the next row for the next year and so on. (I say approximation as this method assumes each rate lasts exactly a full year with no deposit/withdrawl, you could get more accurate by working down to a daily equivalent interest rate and the exact number of days between rate changes.) (Oh, and you'll also need to think if you paid income tax in the interest earned, which you may have done in the pre-PSA years).
    Or, you could post up the amount and rates and fingers crossed someone will like the challenge of crunching the numbers for you (if you don't want to reveal the amount then just put 100, any results will be scaleable to the real amount).
    (Although I could be wrong, I often am.)
    • tinker15
    • By tinker15 6th Jul 18, 1:38 PM
    • 1,318 Posts
    • 6,206 Thanks
    tinker15
    • #6
    • 6th Jul 18, 1:38 PM
    • #6
    • 6th Jul 18, 1:38 PM
    Openoffice calc or similar, it's likely to be the only way you'll get exactly what you want.

    Do you have all the various interest rates and dates?
    Originally posted by JohnRo
    Thanks, I have found this for interest rates which is a start http://www.swanlowpark.co.uk/savings-interest-annual
    Comping from May 2012

    Thank you to all that post & contribute, I think you are wonderful, I could not achieve without your help
    • tinker15
    • By tinker15 6th Jul 18, 1:45 PM
    • 1,318 Posts
    • 6,206 Thanks
    tinker15
    • #7
    • 6th Jul 18, 1:45 PM
    • #7
    • 6th Jul 18, 1:45 PM
    You could get an approximation by doing it on a spreadsheet, start Column A with year, column B the initial investment, column C the interest rate for that year, then column D = investment*(1+rate). Copy that result to the next row for the next year and so on. (I say approximation as this method assumes each rate lasts exactly a full year with no deposit/withdrawl, you could get more accurate by working down to a daily equivalent interest rate and the exact number of days between rate changes.) (Oh, and you'll also need to think if you paid income tax in the interest earned, which you may have done in the pre-PSA years).
    Or, you could post up the amount and rates and fingers crossed someone will like the challenge of crunching the numbers for you (if you don't want to reveal the amount then just put 100, any results will be scaleable to the real amount).
    Originally posted by Paul_DNAP
    Thanks, I will have a try with your suggestion. Tax isn't applicable so one less challenge For any Mathematician looking to help it is 100 over 20 years
    Comping from May 2012

    Thank you to all that post & contribute, I think you are wonderful, I could not achieve without your help
    • JohnRo
    • By JohnRo 6th Jul 18, 2:05 PM
    • 2,665 Posts
    • 2,486 Thanks
    JohnRo
    • #8
    • 6th Jul 18, 2:05 PM
    • #8
    • 6th Jul 18, 2:05 PM
    Thanks, I will have a try with your suggestion. Tax isn't applicable so one less challenge For any Mathematician looking to help it is 100 over 20 years
    Originally posted by tinker15
    The calculation isn't complicated but does it really have the same interest rate for the whole 20 year period?

    If not, you need to collate the various interest rates and durations they were applied.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • Paul_DNAP
    • By Paul_DNAP 6th Jul 18, 2:30 PM
    • 296 Posts
    • 355 Thanks
    Paul_DNAP
    • #9
    • 6th Jul 18, 2:30 PM
    • #9
    • 6th Jul 18, 2:30 PM
    Thanks, I have found this for interest rates which is a start http://www.swanlowpark.co.uk/savings-interest-annual
    Originally posted by tinker15

    By my reckoning, for 100 invested at the start of 1997 earning the average interest rate each year you'd end up with 210.94



    YEAR Avg Int Balance YrEnd
    2017 1.00 210.94
    2016 1.23 208.85
    2015 1.40 206.31
    2014 1.48 203.46
    2013 1.77 200.50
    2012 2.80 197.01
    2011 2.75 191.64
    2010 2.80 186.51
    2009 2.21 181.43
    2008 5.09 177.51
    2007 5.55 168.91
    2006 4.68 160.03
    2005 4.92 152.88
    2004 4.56 145.71
    2003 3.73 139.35
    2002 3.68 134.34
    2001 4.64 129.57
    2000 5.47 123.83
    1999 4.71 117.41
    1998 6.33 112.12
    1997 5.45 105.45
    OPENING 100.00
    Last edited by Paul_DNAP; 06-07-2018 at 2:38 PM. Reason: It hates my table.
    (Although I could be wrong, I often am.)
    • bhjm
    • By bhjm 6th Jul 18, 2:31 PM
    • 95 Posts
    • 36 Thanks
    bhjm
    i believe you are looking for something like this or similar.

    if you have a browser which can translate it - it could be very suitable.

    https://www.zinsen-berechnen.de/sparrechner.php
    • tinker15
    • By tinker15 6th Jul 18, 6:53 PM
    • 1,318 Posts
    • 6,206 Thanks
    tinker15
    Thank you all very much for your valuable time spent helping me. It is very much appreciated.
    Comping from May 2012

    Thank you to all that post & contribute, I think you are wonderful, I could not achieve without your help
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

524Posts Today

5,609Users online

Martin's Twitter