Halifax Savings Account

[MrsLadyBug]

Just wondering if I deposited an amount of £500 in Halifax Liquid Gold in 1998 and had just left it without touching it at all any idea how much that would be worth today. A rough idea is all I need. It doesn't have to be accurate. I have no idea about any interest rates that may have been available.
I have no idea how to even think how to work it out.

[sunny-dave]

The best you could hope for is that the money has kept pace with inflation - which has been about 75% over the 20 years - so perhaps the value might be about £875 now - but probably a bit less.

[sunny-dave]

http://www.in2013dollars.com/1998-GBP-in-2018?amount=500

[MrsLadyBug]

Ok , thanks for that. It's only a rough guide for a what if thought.

[fiction-factory]

I doubt the account has kept pace with inflation- the account's interest rate is likely to have been less than 0.5% for most of that time (possibly nearer 0.1%). I doubt it will be worth more than £600.

[fiction-factory]

Let us know though please when you find out. You may find tax on interest was deducted at source for much of the time, and you may be able to reclaim that for any years you were a non-tax payer.

[MrsLadyBug]

Thanks for your responses but as I said it was hypothetical really. I did have 500 deposited at that time but had to withdraw it when I needed funds. I was only just curious as to how much it would have been. The money was originally meant to be a gift for somebody, but plans changed.
So I will never know for sure, but have an idea.

Thanks again.