If you had £1,000,000 in a current bank account, how much interest would it make each week?
Answers:
Looking around, 5.05% seems to be the going rate on that kind of money in a savings account (Abbey, Britannia etc offer it)
This comes to £50,500 a year, or £4200 a month, or £968.49 a week, or £138.36 a day! You could live off it comfortably!
nothing, current account is not interest bearing
Diversified, you could get 10% in the stock market. That's 100,000 a year. banks may give you 3%.
depends on the interest rate?!
0.01% a month on overall balance
£2- £3 grand i reckon
Depends on rate of interest and how often the interest is calculated.
If it's calculated daily, you'd get more interest than if it were calculated weekly (assuming the same rate of interest).
Approximately, and in reality, you could get about 5% / year = £50,000 - or about £1,000 per week.
99% of the banks pay nothing and some are now beginning to charge.
Had you put it in a deposit a/c you would have got about £960.
It is a tough life for the rich.
You would get a lot of interest from you bank manager. He would phone you every day to try and sell you some investment product and net himself a loverly commission.
Interest payable on deposits is determined by the economic policies of the nation in conjuction with the B ank of Enmgland. You can determine this by visiting your Bank and ask them for the prevailing interest rates. Then you c\an work it out to the nearest week.
The answers post by the user, for information only, UKQnA.com does not guarantee the right.