Is there a calculator that can check what the effective interest rate has been from the actual amount of interest paid.

I would like to be able to check that the Bank has paid the claimed rate but this is difficult where variable amounts of deposit exist.

I presume most take the Bank's word but how likely is it we can be ripped off?

There appear to be lots of calculators catering for loans etc.However I have not come across anything that appears to help savers in a similar manner.

Regards.

 

 

You may need to go through the statements and calculate the interest each day. The daily rate can be found by taking the 365th root of (one plus the interest rate as a decimal), then taking away one. For example, and annual (aer or apr) rate of 6% should equate to a daily rate of (the 365th root of 1.06) -1 or 0.016%. If the balance only changes each month (perhaps when interest is credited), you could do monthly calculations. Of course, you can estimate an average balance over a year and see if the total of all the interest is close to your expectations.

Why don't you ask the bank?

Maxstream - Thanks for that.

Drumster - I dont trust them !