Spam & Scams1 min ago
ISA interest by day
2 Answers
If I put �3600 into a cash ISA, roughly how much interest would I accrue each day - how would I work that out?
Answers
1 to 2 of 2
Best Answer
No best answer has yet been selected by tell-me-more. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Assuming a 3% APR on your �3,600 would net you interest of �108 at the end of the year (or just under 30p per day) [3600 x 0.03]. It is not quite as simple as that in terms of daily interest, since the 3% is an Annual Percentage Rate � if you were to work out the daily rate, you would need to take into account that after each day � the added interest amount, increases your capital sum.
But as a general guide, you can blow 30p per day, knowing that your ISA savings will cover it at the end of the year - enjoy.
But as a general guide, you can blow 30p per day, knowing that your ISA savings will cover it at the end of the year - enjoy.
1 to 2 of 2
