Calculating interest on savings

[mrs_overall]

I've been transferring �100 each month from a current to a savings account. It's just come to light that the bank has blundered and put the money in a complete strangers account. This has been happening for 12 months. Can anyone work out roughly how much interest I am owed?
(The bank have offered me �50 compensation - is this an adequate sum?)
Many thanks.

[Ethel]

What interest rate was the savings account?

[Tichfield]

�50 tax free is more than the interest you would have earned on the money.

But are you sure that they are offering this �50 in lieu of the interest? I would have thought it should be in addition to the interest, which they can easily calculate.

[annie0000]

Personally i would ask for actual interest to be added and the �50 for Distress and Inconvenience.

[mrs_overall]

Ethel, that's the problem - I don't know, as the interest rate has gone up and down over the last year.
The �50 is compensation for distress, inconvenience etc and is in addition to the interest owed.
I know the interest won't be a huge amount, I was just curious, and being a dunce I can't work it out myself.

[Emu2005]

Hiya,
Assuming an average 5% interest after tax, the interest you are owed would be about �32.50.
The �50 sounds quite generous to me, it depends on how much hassle you have had sorting this out. If it's taken you ages and ages then maybe ask for a bit more?
Good Luck either way

[Ethel]

Got you - as you have not actually lost anything, I would accept the �50

[mrs_overall]

Many thanks for all your answers. xx