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Lloyds 5% Savings account

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jrtv | 20:27 Mon 22nd Nov 2010 | Business & Finance
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If I saved the max of £250 a month with Lloyds and the interest is 5% what would It be worth after 1 year.
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is it 5% per month or 5% APR?
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
I assumed 5% pa as 5% per month is unlikely.
There will be tax to deduct on the interest if you are a taxpayer
Question Author
5.00% AER/Gross
Question Author
Interest Illustration
£250 saved a month = £81.25 Gross interest after 12 months ( COPIED FROM THERE WEB SITE )
Not sure why you asked then, if you already knew the answer!
Glad to have helped.
Question Author
sorry boxtops, went back on there site and found it in the small print, thanks all for the help.
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
Aha, got to the bottom of it, well done factor.
Question Author
That's a great link factor30, cound'nt understand it but it looked good !!

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Lloyds 5% Savings account

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