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# Interest on savngs

Banned

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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Banned

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

Supermod

£60 / 365 x 30 days = £4.93 (using 30 days average)

Original Poster Banned

Supermod

Original Poster Banned

no, just monthly, gawd im cafuddled :oops:

Supermod

Original Poster Banned

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

Supermod

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

Original Poster Banned

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

Original Poster Banned

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

Supermod

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!

Original Poster Banned

Banned

you taking me out for dinner sassie?

Original Poster Banned

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

Banned

: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

Original Poster Banned

Calculator results are off FYI...

Banned

Banned

Original Poster Banned

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

nationwide.co.uk/sav…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.