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  #1  
Old 19-03-2012, 06:06 PM
zod zod is offline
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Default Instant access with monthly interest

Is ulster bank the only bank that offers monthly interest accounts ?

thanks
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  #2  
Old 19-03-2012, 06:14 PM
CiaranT CiaranT is offline
 
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Nationwide UK give the option of monthly interest.

Permanent TSB have a 2 month term deposit that pays 3.55% which automatically rolls so you will get your interest every 2 months.
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  #3  
Old 16-04-2012, 01:23 PM
PDCAT PDCAT is offline
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Hi Guys

Just referring to the above. Does it make a difference whether you have monthly interest or annual interest applied to your deposit account.
I have money on deposit with Nationwide UK whereby the interest is put on account every 12 months. i'm assuming this is annual interest being applied. Just wondering, what are the benefits/ if any of monthly over annual interest rate.
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  #4  
Old 16-04-2012, 02:51 PM
Gervan Gervan is offline
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If you are using deposit interest to pay living expenses you would rather receive it on a monthly basis, I'd assume.

Deposit interest is taxable income in the year in which it is received.
If you were a Dirt-exempt investor coming near to breaching an annual exemption limit, you might choose monthly interest to keep under the threshold.
Or, if you feared the current Dirt exemption might be withdrawn you would wish to have the gross interest received before any possible change.
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  #5  
Old 16-04-2012, 04:35 PM
CiaranT CiaranT is offline
 
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Taking the flip side of the coin, the benefit of annual interest is that it usually comes with a higher rate of interest. For example, Nationwide UK apply a lower rate of interest to the accounts that pay monthly interest.
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  #6  
Old 18-04-2012, 07:00 PM
Sarn Sarn is offline
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When I saw the way things were going a few years ago, I started to avail of monthly interest on the basis that it would avoid some of the increases in DIRT before the changes were implemented. A relatively small saving I know, but every little helps!
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  #7  
Old 29-04-2012, 12:19 PM
steve11
 
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hi people,
Can somebody help me understand how deposit rates work?
for example; i put 1.000.000 on a time deposit account.
For 30 DAYS = 2.375% for 360 days = 2.750%
What is my intrest for 360 days?

If i put it on 360 days do i get this 2.750% every month totaly payed at the end of the year?

Can somebody explain dis to me?

Thanks already

greets

steve
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  #8  
Old 29-04-2012, 02:25 PM
Renter7 Renter7 is offline
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I'm not sure I understand how you are getting 2.75%.

I think some monthly accounts compound and some don't so not always same. Do you want to tell us what bank product you are looking at.

The easiest way to compare accounts is to use AER. I don't think there are many term accounts that pay monthly interest and those that do sometimes have a lower AER. I have never seen an account that pays you a higher AER if you go the monthly option.
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  #9  
Old 29-04-2012, 09:47 PM
steve11
 
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Default time depost rates @ renter

hi renter, tis is a example of a deposit year table



REGULAR TIME DEPOSIT






30
60
90
180
360
AMOUNT
DAYS
DAYS
DAYS
DAYS
DAYS
1,000.00 - 9,999.99
SAVINGS
RATE
10,000 - 99,999.99
1.125
1.125
1.375
1.500
1.625
100,000 -299,999.99
1.500
1.500
1.625
1.625
1.750
300,000 - 499,999.99
1.625
1.625
1.750
1.750
1.875
500,000 - 999,999.99
1.750
1.750
2.000
2.000
2.125
1MM - 4.99MM
2.375
2.375
2.625
2.625
2.750
5MM - 9.99MM
2.500
2.500
2.625
2.750
2.875
10MM AND ABOVE
2.750
2.750
2.875
3.000
3.125


so whit what do i end over after 360 days if i put in 1.000.000 php ?

Regards
steve
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  #10  
Old 30-04-2012, 07:06 PM
Renter7 Renter7 is offline
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Do you want to edit last post, not easy to read.
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