12 Month Reward Saver & 3Yr Fixed Isa, What Interest?

[ottosump]

Hi group, I invested £84,000 in the Halifax reward saver account last Oct at 1.7%, can any one tell me what interest I will get when the 12 months elapse, I also invested £5,760 in a fixed 3yr Isa at 3%, same again can anyone advise what the interest will be when this matures.
Kindest regards Otto, West Cumbria

[sandyRoe]

£1428

[TWR]

Alan Sugar would be the bloke to ask Ottosump.

[factor-fiction]

To find 1% interest you divide the principal by 100. So 1% of £84000 is £840. To find 1.7% you multiply the figure by 1.7. That gives £1428

[sandyRoe]

£6294

[factor-fiction]

For the 3 year ISA the value will be £5760 x (1.03)³

[Psybbo]

Craft has opinions on the Halifax, I would keep a close eye on your investments

[sandyRoe]

The second one should be £534

[factor-fiction]

Sorry sandy- I was fiddling around trying to find the ³ symbol

[Buenchico]

I've read the question differently to others (who seem to have assumed that you want your interest calculated for you).

As I read it, you were given a (relatively) high rate of interest for the first 12 months of your 'Saver Reward' investment and you're now asking what the rate will be after the introductory period expires. If so, see here:
http://www.halifax.co.uk/savings/interest-rates/personal-rates/?pagetabs=0#saver_reward
The current 'normal' ISA rates are on the same page.

Chris

[factor-fiction]

I agree with sandy for the ISA interest over the 3 years: £534.11. This assumes the interest is retained in the account rather than withdrawn each year

[sandyRoe]

I was correcting my own answer to the 2nd one. The OP asked what interest and I gave initial investment + interest.

[factor-fiction]

I didn't read it like that, Chris. I read it as two separate accounts- a one year account and a 3 year account. When otto said 'same again' I took it he just wants the same info- i.e. what the interest figure will be

[Gizmonster]

I agree with both sets of figures, but don't forget you'll get taxed on the £1428 earned in the saver account; whereas the interest earned in the ISA will be tax free.
If you're a 20% tax payer, you'll receive £1142.40 interest after tax.
If you're a 40% tax payer, you'll receive £856.80 interest after tax.
If you're a 50% tax payer, you'll receive £714 interest after tax.