Hoping somebody can help me. I have 60,000 maturing on a 6 month deposit @ rate of 1.6%. Bank has calculated interest less DIRT of about 280 euro. Am I being thick but 1.6% of above = 960 euro less 393.60 (41%) = 566.40.
I asked how they came to their calculation and bank official going on about rate being calculated on a daily basis, yada yah, blah, blah.
Are my calculations incorrect? I am going back tomorrow as I didnt have time to argue with her today.
Very rough calculation but I'm guessing that 1.6% is the APR. You only had the cash on deposit for 6 months so if you half your calculations you end up with E283 quid interest.
60, 000 @ 1.6% = 960. Divide by two as only on deposit for 6 months = 480 gross interest. 480 - DIRT (480 * 41/100) = 480 - 196.8 = E283.2
I'm open to correction but looks about right to me.
Thanks Protocol, silly me, it is down as 1.6% on my deposit account and that is what I was led to believe when I signed up for it. Why don't they just say 0.8% for 6 months then!!