11-04-2019, 11:00 AM
I am posting here rather than contact UB at present as this may in fact be me rather than the rate of interest I am receiving.
I opened an ISA for my wife and invested £10,000 in a loan paying 0.8% per month.
2 days later and the interest has been paid as follows:
Day 1 - £2.58
Day 2 - £5.15
Now that to me is not 0.8% per month. 0.8% pm would indicate an APR of 9.6% but this is 9.4%??
Now this may just be my maths playing up of me failing to take some other factor into account, but as this is the only investment on this account, it was very noticeable.
Anyone tell me where I am going wrong?
I opened an ISA for my wife and invested £10,000 in a loan paying 0.8% per month.
2 days later and the interest has been paid as follows:
Day 1 - £2.58
Day 2 - £5.15
Now that to me is not 0.8% per month. 0.8% pm would indicate an APR of 9.6% but this is 9.4%??
Now this may just be my maths playing up of me failing to take some other factor into account, but as this is the only investment on this account, it was very noticeable.
Anyone tell me where I am going wrong?
I'm an engineer by trade, so don't normally have money. If you lose any money because you listened to something I have said, more fool you!!