Dormant Account

solas111

Just found my old Post Office Savings Book which had the last transaction in 1975. I opened the account at the age of nine and at one stage the balance stood at the grand sum of £72.70 which wasn’t bad for the year 1973. However, times got harder and two years later the final balance was £7.70.

This is now a dormant account and probably not worth bothering with. However, I am intrigued by the question of how much interest you would accumulate on £7.70 in a Post Office account since 1975. Can anyone work it out?

john_cappa

I suspect you would be lucky to have 30 euro in it now!

Temp Barry

I had £20 in an AIB account in 1973, which was forgotten about for years. When I discovered it again in the early 1990s, (as far as I remember) interest had increased the balance to a few pence over £40.

JTMan

solas111 wrote: »

This is now a dormant account and probably not worth bothering with. However, I am intrigued by the question of how much interest you would accumulate on £7.70 in a Post Office account since 1975. Can anyone work it out?

All depends on the State Savings product.

Is it in a notice or instant access account? The instant access rate is currently 1% with State Savings.

solas111

Fungus wrote: »

All depends on the State Savings product.

Is it in a notice or instant access account? The instant access rate is currently 1% with State Savings.

The book says that 2.5% interest will be added at the end of each year so a rough calculation brings the figure with compound interest to £18.73 or about €23.78.

Ah well, the Lotto might come up with six numbers tonight.

JTMan

2.50% is probably an old rate, the current instant access rate, with State Savings is 1.00%.