Interest Calculation

M

MikeM

Registered User
Messages
36
I've recently opened a deposit account with First Active (e-Plus account). The interest is paid monthly. What should I expect as monthly interest on a 60K deposit under the following terms ? No withdrawl made.

4.25% for first six months on €15,000 minimum to €1m maximum
3.75% after first six months on €15,000 minimum to €1m maximum
Online only. Interest paid monthly.

The reason I ask is that the interest I received after one month was not what I expected even if DIRT has been taken.

Regards,
MikeM.
 
You would need to state the exact number of days that the interest was due - when were the funds effectively credited to your account ?

If it was a full month ie 30 days then the gross interest would be € 60,000 * 0.425 * 30/365 = € 209.59.

DIRT is 23% = € 48.21 giving a net interest of € 161.38

I see that the interest rate is now 4% according to the First Active web-site
 
For a month the gross interest would be € 60,000 * (0.425 / 12) = € 212.50.

Less DIRT @ 25% = € 53.13 net monthly interest is € 159.37
 
jpd said:
I see that the interest rate is now 4% according to the First Active web-site
Click to expand...

Rate for first 6 months is still 4.25% and rate for following 6 months is 3.75%. Rate for first 12 months is then 4%, matching the advertised annual rate.

The gross rate for first 6 months is 4.19%, or (4.19% / 12) paid monthly, which would compound to 4.25% over 12 months.
 
Where are you getting the 4.25% rate from?I cant find any reference to 4.25% on the FA website!
 
12 Mar 2009 NEW AC THANK YOU60,000.00- €60,000.00
31 Mar 2009 INT31MAR NET 88.63- €60,088.63
31 Mar 2009 INTINTROBON 11.39- €60,100.02

Does this look right ???

Regards,
MikeM
 
Last edited:
You must log in or register to reply here.
Back
Top