Lloyds 5% Savings account

[jrtv]

If I saved the max of £250 a month with Lloyds and the interest is 5% what would It be worth after 1 year.

[boxtops]

is it 5% per month or 5% APR?

[factor-fiction]

Total deposit £3000. Average balance £1500. Interest at 5% on average balance = £75.
Total is £3075.
The actual interest may vary slightly depending on the timing of deposits and the number of days before deposits clear and earn interest

[treetops1]

http://www.qck.com/ll...160945.html......£65

[treetops1]

http://www.qck.com/ll...s-account-160945.html

[factor-fiction]

I assumed 5% pa as 5% per month is unlikely.
There will be tax to deduct on the interest if you are a taxpayer

[jrtv]

5.00% AER/Gross

[jrtv]

Interest Illustration
£250 saved a month = £81.25 Gross interest after 12 months ( COPIED FROM THERE WEB SITE )

[boxtops]

Not sure why you asked then, if you already knew the answer!

[factor-fiction]

Glad to have helped.

[jrtv]

sorry boxtops, went back on there site and found it in the small print, thanks all for the help.

[factor-fiction]

That figure of £81.25 will be based on 13 payments of £250- e.g. from 1 Dec 2010 to 1 Dec 2011 inclusive.
I get exactly that answer on that basis:
http://www.google.co....B333&q=3250*+0.05%2f2

[boxtops]

Aha, got to the bottom of it, well done factor.

[jrtv]

That's a great link factor30, cound'nt understand it but it looked good !!