£0.00 @

frying my brain, if it is 6% do i divide by 12, and then each month use that to work out the interest earnt on each deposit, depositing monthly

frying my brain, if it is 6% do i divide by 12, and then each month use that to work out the interest earnt on each deposit, depositing monthly

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(26) Jump to unreadPost a comment£60 / 365 x 30 days = £4.93 (using 30 days average)

no, just monthly, gawd im cafuddled :oops:

yes thats what i thought, then each month as the figure goes up keep using 0.487% yeah :oops:

Try to not let it confuse you. Use the calculator I have just given you and it will show your total investment. Then deduct your initial investment which will leave you with your interest you have earnt in those months. Then divide that figure by how many months you have been saving and this will give you all interest an average monthly rate.

Yeah

So if start with 100 at end of month would have 100.49 etc etc

But that won't allow for the interest you earn onthe interest due to compounding

yes it does, cause you can put in monthly deposits

doh sorry, yes i see what you mean, not really bothered about the monthly interest, was just trying to work out end of year interest but how to do it by deposting monthly

I was trying to work out an average monthly interest. Not interest from the interest. I tried to explain it in such a way that it was clear in my head what I was trying to convey!! Obviously didnt work!

you taking me out for dinner sassie?

i will have to talk to the baggage, its their money - lol

:lol:

Month Start Of Month End of Month

1 £50.00 £50.24

2 £100.24 £100.73

3 £150.73 £151.47

4 £201.47 £202.45

5 £252.45 £253.67

6 £303.67 £305.15

7 £355.15 £356.88

8 £406.88 £408.86

9 £458.86 £461.10

10 £511.10 £513.58

11 £563.58 £566.33

12 £616.33 £619.33

eg if you invest 100 a month youd end up with 1200 capital + 39.16569 in interest

Calculator results are off FYI...

the smart to save says its intersts is 0.75% :w00t:

http://www.nationwide.co.uk/savings/under_18s/under-18s.htm

http://www.nationwide.co.uk/savings/under_18s/under-18s.htm

I said I'm with alliance and leiceter, not nationwide... Also at my age I don't quite qualify for an under 18's account lol.