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working out interest

Hi I have recently opened a new current account with Cahoot and am in the process of transferring my DDs and wages to be paid out/into it. I also use Quicken to keep a copy of my bank statements so I can work out how much money I will have to spare each month. My previous account paid no interest so I never bothered about interest payments just transferring the excess each month to my Tesco savings account. However my Cahoot current account actually pays more interest than my Tesco account so I will just leave the excess in the Cahoot account, so I was wondering how I could work out how much interest I would get each month, as my income and outgoings are fairly constant. I may, in the future, get a new savings account but it always annoyed me that it took 5-6 days before the money appeared in my Tesco account from my current account. I always transferred the money on a Friday, pay day. Thanks Jackie

Reply to
Jackie
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In general, you can't, except approximately, by calculating the average cleared balance during the interest month. You can get near enough, I suppose, if you assume each payment in, other than cash, earns interest from 5 days after it's paid in, and each payment out stops earning interest 5 days before you even think of writing the cheque. :-)

Reply to
Ronald Raygun

Why not open a cahoot savings account, pays 4.85%!!!

Reply to
Terry

Quicken will work it out for you, well my old 1998 version does. It says Interest at the top of the page giving the account details.

Mark BR

Reply to
Mark BR

Hi I have Quicken 98 but I cannot see where interest can be worked out. Can you give me a quick lesson? Thanks Jackie

Reply to
Jackie

Umm - the top of each account page has a button with 'interest' on it - end one of the block of three in the middle. Think it works out the interest from the last interest payment on that account when you press calculate and it gives you the new balance including the interest.

Mark BR

Reply to
Mark BR

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