Hatam Soferet

roast_potato / June 30, 2011Internet only banks/saving schemes are gearlnley better than high street banks for consistently high interest rates, such as ING, ICICIbank and Icesave. These currently have interest rates of: 4.75%, 5.65% and 5.70%. Money can usually be transferred easily between bank accounts online.If you make a monthly saving of a3250 per month, your balance at the end of the year should be a33080.16 + a314.91 (which is final month and closing interest). (This is based on an interest rate of 5.70%. This is also based on the assumption that interest is being credited monthly (which not all accounts are) and also based on the fact that you are a non tax payer.The following figures represent your monthly investment + interest amount earned per month. The monthly interest differs, depending on the number of days in each month and the amount of interest/investment already accumulated.Investment total Jan250 Feb501.210274 Mar753.4018674 Apr1007.049158 May1261.767114 Jun1517.87545 Jul1774.986593 Aug2033.579473 Sep2293.424226 Oct2554.168761 Nov2816.533737 Dec3080.168847Interest Per month Jan1.210273973 Feb2.191593417 Mar3.647290684 Apr4.71795633 May6.108335592 Jun7.111142519 Jul8.592880299 Aug9.844753229 Sep10.74453542 Oct12.36497589 Nov13.6351099 Dec14.91139275These figures were calculated using the following formula:Investment total Jan250 Feb=B2+C2+250 Mar=B3+C3+250 Apr=B4+C4+250 May=B5+C5+250 Jun=B6+C6+250 Jul=B7+C7+250 Aug=B8+C8+250 Sep=B9+C9+250 Oct=B10+C10+250 Nov=B11+C11+250 Dec=B12+C12+250Interest Per month Jan=(B2/365)*0.057*31 Feb=(B3/365)*0.057*28 Mar=(B4/365)*0.057*31 Apr=(B5/365)*0.057*30 May=(B6/365)*0.057*31 Jun=(B7/365)*0.057*30 Jul=(B8/365)*0.057*31 Aug=(B9/365)*0.057*31 Sep=(B10/365)*0.057*30 Oct=(B11/365)*0.057*31 Nov=(B12/365)*0.057*31 Dec=(B13/365)*0.057*31If you are interested in banking ethically' you might want to look at Smile their rates are lower, but you can bank with a healthier conscience : )Reply