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    how much interest a month would i get on this rate???

    if i had £5100 invested and the interst was as below what would i get in monthly interest?????

    rate of 2.08% AER /2.06% tax-free pa 3 variable

    not sure how to work this out any one know.
    greatly appreciated

    5 Comments

    think its 106.08 @ 2.08 then 105.06 @ 2.06

    5100 x 0.0208 is the sum.....

    these are the annual interest rate AER. divide 106 by 12 for monthly
    Edited by: "lanc_red" 17th Nov 2010

    I roughly worked this out to be £5 a month. That is a rough guess. Someone will post a link to a calculator shortly.
    lloydstsb.com/too…h=1

    There you go





    Edited by: "leecroot" 17th Nov 2010

    Usually the first figure is the interest rate if you opt to be paid annually & the second if you opt to be paid monthly as then you would start earning interest on the interest if left in the account taking the 2.06 up to 2.08.
    So if you invested 5100 & opted to be paid monthly you would be paid 5100 x 2.06% divided by 12 = £8.75
    Hope that's right

    Original Poster

    cheers guys

    Banned

    really bad interest rate btw
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