whats 2.40% interest on £4k

[movingtables]

just looking at a different savings account for one of my banks.

it says i will get 2.40% net per month.

what would my interest be per month on £4k
i got £6.40

am i way off?

 

[Ironic Namesake]

Well that percentage will be per year, so should be around £8 a month before tax.


£6.40 sounds about right

 

[Strife212]

Isn't that an insanely high rate? :S

 

[iKettles]

Ignore

 

[[FnG]magnolia]

Non cumulative would be ($4000 * 2.40%)/12

 

[Russinating]

£8?

 

[Al Vallario]

2.4% net per month is too high. As Ironic Namesake said, I would guess that's APR.

2.4% of £4,000 is £96

 

[movingtables]

this is the table:

http://www.lloydstsb.com/rates_and_charges/savings/incentive_saver.asp


should i be looking at 2.40% net per month ?

 

[Ironic Namesake]

this is the table:

http://www.lloydstsb.com/rates_and_charges/savings/incentive_saver.asp


should i be looking at 2.40% net per month ?

2.4% per year, not month - just paid monthly

 

[movingtables]

2.4% per year, not month - just paid monthly

so what would i get a month ?

 

[Ironic Namesake]

Around £8 before tax - so £6.40 seems about right.

 

[movingtables]

ok thanks everyone.

 

[Vonhelmet]

Around £8 before tax - so £6.40 seems about right.

Echo... echo... echo...

 

[Mr^B]

lol

No wonder a large number of people in the UK are in so much financial dog pooh.

 

[Amp34]

Around £8 before tax - so £6.40 seems about right.

Wow, I really want to invest there... That'll get me a whole 2-3 pints extra a year.

 

[digipeep]

£6.40 don't waste it on your OH, spend it all on your self.

 

[2StepSteve]

Isn't that an insanely high rate? :S

Seems like you live a sheltered life if you think that is an insanely high rate, I guess you have never heard of credit cards?

Get ready for the surprise!

 

[Strife212]

The rates on repayment are always higher than on savings

 

[Mark A]

I get an amazing 0.75% \o/. It was around 6% before the credit crunch, i bought my current PC last year with my interest. This year I'll be lucky to be able to buy a game.

 

[sanaxe1]

Seems like you live a sheltered life if you think that is an insanely high rate, have you heard of credit cards?

what are you onabout? He asked because the OP got confused with the amout of interest being 2.4% / month which would have been 28.8% per annum which would have been an insane amount of interest for a savings account. Which is not even compareable to credit cards However the OP was wrong and it is infact 2.4% per annum.