Help please

[hogmother]

If I put �375-00 in a basic account with interest in October 1994 and all the interest was paid into the same account is there a way I could find out what value it would have reached now?

[hogmother]

Thanks angel12 have had a quick look but could bnot find anything helpful yet.

[bimbo123456]

You could try this link. It is in dollars but should give the idea....http://www.moneychimp.com/calculator/compound_ interest_calculator.htm

[factor-fiction]

Depends of course on the rate of interest paid by the account. If you were lucky and the account consistently paid 4% - 5% interest p.a. then the balance would have increased to �650-�750. However if you are a taxpayer then you'd have to pay tax on the interest so if tax is deducted at source it may be nearer �550-�650.
Also, if the account has been left untouched it's likely the bank would have reduced the interest rate by stealth over time and may only pay only 1%-2% pa - so you may find after tax it's worth less than �500.
Only way to know for sure is to ask the bank/building society.

[factor-fiction]

I didn't see the programme but I don't agree with angel's interpretation. I think I read that the govt wants to use a proportion of the money from dormant accounts for 'good causes' , as a large proportion is never claimed, but if you do claim it later you are still entitled to your money.

[hogmother]

Thanks for your help eveyone it is money my landylady has had as a returnable deposist and I hope to be moving soon and am trying to work out roughlyu what she owes me.

[factor-fiction]

Did the agreement say that the deposit would be returned with interest, and was a rate specified? If not, I'd be surprised if she offers any interest. Good luck.