How much interest?

Phate · 17 May 2006 at 00:38

Hey folks,

just sitting here pondering things and wondering.

if say a new bank account was opened and £1,000,000 was deposited into it, if that was left how much would that build each week just on interest?

Obviously it varys a lot i no depending on the bank but roughly how much?

Mackass · 17 May 2006 at 00:40

Wild guess, £600?

cymatty · 17 May 2006 at 00:42

@5% intrest around £960.

Cyanide · 17 May 2006 at 00:42

At 3.4%, assuming you were still working and paying in £1000 a month, you'd get £34187 in interest

(based on figures from the nationwide)

EDIT - That's a yearly total, I didn't realise you asked for weekly :rolleyes:

Lithium · 17 May 2006 at 00:43

Around £700/week after tax. Thats based on a 4.75% AER which works out to be 3.72 after the tax deduction.

Thats a bog standard bank account - risk based accounts can earn you a lot more.

dougguk · 17 May 2006 at 00:44

When I win the lottery I will let you know

Burned_Alive · 17 May 2006 at 00:50

Based on about 5% PA, roughly £1000 a week i guess.

L4yer Cak3 · 17 May 2006 at 01:18

first you would need to proove that the money was legit and not fronted by illegal gains. so if you been busy selling copied dvds over the years then you might want to think of some thing else.

jk

any thing deposited over 10k would be investigated by anti-money laundering teams.

Spamalot · 17 May 2006 at 01:21

Your forgeting the golden word though- Inflation!

robmiller · 17 May 2006 at 01:32

L4yer Cak3 said:
any thing deposited over 10k would be investigated by anti-money laundering teams.

I never really understood this one; isn't the whole point of money laundering not to put huge sums in at once and thus not to attract the attention of the investigators? What kind of muppet launders £10k+ at a time?

Spamalot · 17 May 2006 at 01:35

robmiller said:
I never really understood this one; isn't the whole point of money laundering not to put huge sums in at once and thus not to attract the attention of the investigators? What kind of muppet launders £10k+ at a time?

The sort of muppet that gets caught thats the whole point. Just because people get huge sum of money my ilegitemate sourses doesn't meen there going to launder it?

Edit- all that launder meens is clean, hence the name. What people do is get money from a sourse they dont want people knowing about and make it look legit usaly from something like a snoker club, then they say the cash is profit made up from the club or other business.

robmiller · 17 May 2006 at 01:46

Spamalot said:
The sort of muppet that gets caught thats the whole point. Just because people get huge sum of money my ilegitemate sourses doesn't meen there going to launder it?

Edit- all that launder meens is clean, hence the name. What people do is get money from a sourse they dont want people knowing about and make it look legit usaly from something like a snoker club, then they say the cash is profit made up from the club or other business.

Well yeah, but doesn't it make sense to launder it in small amounts so as not to arouse suspicion? I mean, the "big amounts set of alarms with banks" thing is common knowledge, so how many people do they actually catch with it?

Spamalot · 17 May 2006 at 02:25

robmiller said:
Well yeah, but doesn't it make sense to launder it in small amounts so as not to arouse suspicion? I mean, the "big amounts set of alarms with banks" thing is common knowledge, so how many people do they actually catch with it?

Loads of people, at the end of the day if you have a lot of cash and you want to spend it it need to be in the bank, how many people buy houses and such things in cash without raising a few eyebrows. Even if you do buy a house whats the person who buys it going to do with the cash, its going to come back to you in the end. That why people do things like buy and then sell cars (even at a loss sometime) because it becomes harder to trase the more hands you put it through. it not so much krooks they catch this way but electronics theves and fruudsets.