Barclays base lending rate history

In message , Harry Slater writes

Barclays base rate will follow BoE base rate.

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Compile a spreadsheet comprising a list of every day you owed money plus the rate of interest for that day. Multiply the amount owed x the rate of interest / 365, put this formula in the adjacent column. Add that column up.

This assumes that interest is not compounded

Don't forget the extra days interest payable in a leap year (ie, this year). Shame we don't paid an extra days salary - I reckon the government should make the 29th February a bank holiday.

Bank holiday, shmank holiday. What gives you the idea no interest is charged on them?

What makes you think extra interest should be charged on leap days? The contract interest rate is defined with respect to the year, with no regard for how many days it contains. Obviously if interest is then computed on a daily basis, but by reference to the annual rate, you have to divide by 365 or 366 depending on how many days the particular year in question contains.

I refer you to the recent thread where somebody queried why his ING account credited him with exactly the same amount of interest in January 2004 as in December 2003 even though they compound monthly and there had been no rate change nor other account transactions during those two months.

You only need enter the dates on which int.rate changed. Second column no. of days,

S/sheets cope with leapday automatically.

It's already a Sunday. What more do you want? :-)

Monday off in lieu, of course.

Without a hint of irony, Ronald Raygun astounded uk.finance on 17 Feb 2004 by announcing:

Who was claiming that?

The fact that many bank accounts & loans state that "interest is calculated daily"

Student Loans, for example, do charge the extra day's interest.

John was. Not explicitly, but the above juxtapositions appear to intend to give the impression that he regrets that an extra day's interest is charged, and that making it a bank holiday would somehow "fix" that.

If it's "calculated" daily it just means that the daily rate used shall be equal to the contract yearly rate divided by the number of days in the year. That number simply varies, so in a leap year you pay a 366th of the annual interest each day, whereas in a normal year that would be a 365th.

Without a hint of irony, Ronald Raygun astounded uk.finance on 18 Feb 2004 by announcing:

I believe the bank holiday suggestion was linked to salaries, not to interest payments.

Someone should tell SLC (and various assorted banks) then.

What makes you sure they don't already operate in the manner I've described?

Blimey, you're a mind reader too!