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for the love of god...interest?

  • 07-04-2010 1:41pm
    #1
    splashthecash
    Registered Users, Registered Users 2 Posts: 2,322 ✭✭✭


    This is doin my nut in....I have some money that I want to save but I cant figure out how the interest rate is calculated and how much I'd get (approx) if i was to leave the money there for a year??

    i called a bank and asked how and going by what he said i'll get about 100k after 6 months with 20k savings! Completely wrong i know...

    Can someone help me pleeeasssee!!

    Savings - say about 20k

    Savings accounts I'm lookin at:
    Ulster Bank Pathway Account 3.6% Gross first 6 months then 2.6% AER
    Irish Nationwide 3.5% : Min 20k
    Permanent TSB Fixed rate savings: 10,000+ 3.35%
    Bank of Ireland 40 day set notice account: 2.70% gross & aer


Comments

  • #2
    Antoennis
    Registered Users, Registered Users 2 Posts: 300 ✭✭Antoennis


    splashthecash wrote: »
    This is doin my nut in....I have some money that I want to save but I cant figure out how the interest rate is calculated and how much I'd get (approx) if i was to leave the money there for a year??

    i called a bank and asked how and going by what he said i'll get about 100k after 6 months with 20k savings! Completely wrong i know...

    Can someone help me pleeeasssee!!

    Savings - say about 20k

    Savings accounts I'm lookin at:
    Ulster Bank Pathway Account 3.6% Gross first 6 months then 2.6% AER
    Irish Nationwide 3.5% : Min 20k
    Permanent TSB Fixed rate savings: 10,000+ 3.35%
    Bank of Ireland 40 day set notice account: 2.70% gross & aer


    To work it out

    €20,000 x 3.5%= €700 per year -25% dirt tax= €700 x 25%=€175 So

    €700 - €175= €525 is how much interest you would earn for €20,000 invested for one year at 3.5%.


  • #3
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Antoennis wrote: »
    To work it out

    €20,000 x 3.5%= €700 per year -25% dirt tax= €700 x 25%=€175 So

    €700 - €175= €525 is how much interest you would earn for €20,000 invested for one year at 3.5%.

    That's a very approximate figure. It depends on when interest is calculated and applied. Also, you need to take account of introductory offers (ie interest rate may fall dramatically after a certain amount of time). Likewise, there may be penalties/bonuses for withdrawing early or leaving it in for specified time. Finally, you will need to take into account whether it is a fixed or variable rate. Variable might see the interest rate rise over the next few years (but no guarantee).


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