Interest on Savings Query

I

inishgael

Registered User
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Can anyone show me where Im going wrong in calculating Interest on Savings account. Just been credited with Interest on my PTSB accounts. Have a few for myself, wife, son and a Joint account. Interest paid on each way below what I was expecting so maybe im not looking at it correctly.
For example: 16000 in 40 Day Joint Account & Interest rate stated as being 1.95%.
So 1.95% of 16000 is 312. I then take 33% of 312 for DIRT which is 102.96.
Therefore 312 less DIRT of 102.96 should mean I receive 209.04 Interest?
However account credited only 173.43.
Same shortfall (By my calculations) on other accounts.
Any help appreciated!
 
I think the problem you have is that the 40 day account does not pay 1.95% on the entire 16K balance. It only pays 1.5% on the first 10K and then pays 1.95% on the remaining 6K of your 16K total.

https://www.permanenttsb.ie/whatweo...posit-accounts/40-day-notice-savings-account/

So 10K at 1.5% = 150 exDIRT
And 6K at 1.95% = 117 exDIRT

Total exDIRT = 267
Total after DIRT = 178.89

I can't account for the 5.46 difference but perhaps your total balance wasn't 16K every day of the year.
 
Last edited:
Thanks for replies folks. Worked it out again and time seems to be the issue. Only opened accounts in January so obviously only getting 10 Months of Interest. Other 3 accounts have rates applied to whole amounts and seem to work out OK if take Interest at 10/12th.
That 5.46 difference DMcL must be due to those 2 months also.
Anyway - thats that explained! Appreciate it, Thanks folks.
 
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