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BOI Dual Saver Account - Calculating the interest

  • 02-03-2010 1:24pm
    #1
    BESman
    Closed Accounts Posts: 563 ✭✭✭


    Apologies for posting what has probably been asked a thousand times before but can't really find an answer using the search function.

    Bank of Ireland seem to offer one of the better regular saving rates with their Dual Saver account, whereby you can save regularly earning 4% aer and once you hit €5,000 it switches over to a lump sum account at 1% aer and you start saving regularly again at 4%.

    So how exactly would you go about calculating the interest you would earn if you were saving say €200 per month @ 4% aer? It says in the terms and conditions that interest is calculated daily and added to the account, but is paid as a lump sum in March each year. So do you compound daily, monthly, yearly??? Help on this would be much appreciated.


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    It would be 4% divided by 12 multiplied by the cleared balance at the end of each month in the account. Thats the simplest way of doing it. Might leave you out a couple of cents.


  • #3
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    Is cleared balance the total that is in the account each month, i.e month 1 = €200, Month 2 = €400 plus interest from month 1; Month 3 = €600 plus interest from months 1 and 2.... and so on?


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