Wee Question

[weecalf]

A friend has 10000 pounds in Isa for the whole of the year What interest do you think they have earned ?

[bednobs]

why dont you ask them? Their bank will tell them

[jazzyjen]

Totally depends on the interest rate. Probably earns about £100

[davebro]

£30 ?

[MONEILL45]

£11. 10p

[bobbinwales]

Anything more than £130 is good. I they havent been looking for good rates it could be as low a s£10

[weecalf]

One pound so what was the interest rate then?

[THECORBYLOON]

That's an interest rate of 0.01 percent.

[Kardashev]

look on the bright side! It's tax free! Better off in premium bonds only one £25 prize in year would be 0.25%. you have to keep an eye on savings accounts they switch out of the headline rate pretty quickly and hope you don't notice.

[Buenchico]

If it's a 5-year fixed rate ISA, the best your friend could hope for would be around 1.6% interest = £160.

If it's an 'easy access' ISA, the best he/she might have received would be round 0.65% interest = £65.

https://www.moneysavingexpert.com/savings/best-cash-isa/

Either way, the interest is less than the rate of inflation, so his/her investment is effectively losing money.

[Vagus]

We have the maximum amount of premium bonds and are well up with our winnings this year compared to if we’d invested it, with the appalling interest rates.

[curlygirlies]

£1? in a year? I bought £1400 in crypto on 2nd October 2021 and its worth £1700 as of today. £ 300 in just a month.

[Kardashev]

yeah and I won £10 on the horses.

[davebro]

bitcoin has gone from £45k down to £21k & back again this year. Very volatile.

//his/her investment is effectively losing money.//

Not so much as buying a depreciating asset e.g. a new car!

[curlygirlies]

Davebro your statement proves you no *** all about crypto lol! I ain't invested in bitcoin mate -other cryptos are available lol!

[THECORBYLOON]

Which currency have you invested in?

[davebro]

//Davebro your statement proves you no *** all about crypto lol! I ain't invested in bitcoin mate -other cryptos are available lol!//

You're right - I don't know much about cryptos but there is no need to be insulting about it! And with nearly 7000 different ones in circulation I won't be getting involved. What I said about Bitcoin is correct though.

[MWG14]

Oh dear, I read this as a bladder problem!

[barry1010]

So far this year my wife has won at least £25 every month on Premium Bonds and I have won every month except September. Much better than a bank's savings account at the moment

[davebro]

just think Barry, if you'd put it all into crypto you'd be earning 20%+ a month !!!!!

[curlygirlies]

davebro -insulting? All I said was you don't no anything about crypto and you agreed.
November 2020 Bitcoin was trading at £10,376 per coin, as of 10.30 am today its trading at £46,542 per coin. The lowest its dipped to is around £24,000, like any commodity you buy when its cheap and sell when it hikes up. Hey, I've just looked at my crypto wallet and its gained £107 since last nite.