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Question about interest

  • KenF's Avatar
    if I have £3000 in a current account for 30 days and you calculate and add interest each day why is the interest earned £7.29.

    My calculation would be £7.39 and that is based on exact £3000 per day. Tesco calculate the figure at 0.243 daily. If you are calculating to three decimal places then this should be £0.247

    It's only a small amount per investor but I now wish to understand how you have made this calculation.

    As now doubt would be 10,000's of other account holders.

    KenF
  • 1 Reply

  • AshleighB's Avatar
    Employee
    Hi

    I can see the £0.247 that you've mentioned has been based on the 3% AER, however, the rate customers get is 2.96% therefore this will be why the figure is less than you've worked out.

    More information can be found here.

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