Isa

[henry1110]

mypal took out an i sa finishing 20th march
rate was i.75 how much will he get back in interest
thanku

[grasscarp]

How much did he put in from when to when. Not enough information given.

[pixie373]

That depends how much he paid in.
1.75/100 x amount invested

[henry1110]

sorry
he paid in 5760 pounds
thank you

[Sipowicz]

When did he take it out?

[pixie373]

£100.80 for a year

[factor-fiction]

We also need to know when he opened it.
Annual interest = 5760 x 0.0175.
You then need to adjust that according to the number (or fraction) of years it was in place

[henry1110]

he took it out on 23 april 2013
thanks once again

[factor-fiction]

Pretty close to 11/12ths of the annual amount then. Do you have a calculator available?

[factor-fiction]

Probably closer to 47/52nds

[Sipowicz]

Pixie's got it, £100.

[pixie373]

£92.40 for 11 months

[Sipowicz]

For future reference.
http://www.percentagecalculator.net/

[Gizmonster]

For the pedants:
23rd April - 20th March = 331 days.
Assume interest is paid daily and is compounded.
Daily interest rate = 365th root of 1.0175 = 1.000047532 (ie a daily interest of 0.0047532%)
Total accrued after 331 days = 331st power of 1.000047532 = 1.015857008
Multiply this by original investment of £5760 - giving a total return of £5851.34.
Interest gained = £5851.34 - £5760.00 = £91.34

...... I think :)

[factor-fiction]

Thanks Gizmonster. Maybe one of the days should be excluded though if the investment or closure occurred part way through the day. And maybe interest didn't accrue for the first few days until the funds had cleared. Maybe the figure is as low as £90

[boxtops]

1.75 was a pretty good rate in April 2013!

[factor-fiction]

Mine was 2.55% boxtops but that ends this week and falls to around 1.5%. I'm just looking for the best one to move it to

[Gizmonster]

Best one I found recently is with Coventry Building Society, fixed at 2.75% for 2 years (although I think they've recently changed it to 3 years). If you withdraw early, the penalty is only 120 days interest (others are usually 180 days), so even if you withdraw early, it still beats most other ISAs on offer at the mo :)

[Gizmonster]

@ boxtops - approx 12 months ago I managed to get an ISA fixed at 3% for 3 years - the only problem is, I can't add to it, so I'm constantly looking for new deals each year :(