Fixed deposits

[ubercal]

Good Evening,

I'am trying to calculate how much money i will have if i put away R50 000 in a fixed deposit for 2 years.Not sure if my calculations are right but here is a rough figure for 24 months ? Basically started with R50 000 and added the interest per month.Is this right ?

Month 1 6.45% R53*225
Month 2 6.45% R56*658
Month 3 6.75% R60*482
Month 4 6.75% R64*564
Month 5 6.75% R68*923
Month 6 7.10% R73*816
Month 7 7.10% R79*057
Month 8 7.10% R84*670
Month 9 7.10% R90*682
Month 10 7.10% R97*120
Month 11 7.10% R104*016
Month 12 7.45% R111*765
Month 13 7.45% R120*092
Month 14 7.45% R129*039
Month 15 7.45% R138*652
Month 16 7.45% R148*982
Month 17 7.45% R160*081
Month 18 7.60% R172*247
Month 19 7.60% R185*338
Month 20 7.60% R199*423
Month 21 7.60% R214*580
Month 22 7.60% R230*888
Month 23 7.60% R248*435
Month 24 7.60% R267*316

 

[Messugga]

Ummm. No. You don't get 6.45% per month, you get it per year. Or I'd be retired ages ago.

 

[backstreetboy]

All banks have online calculators. Why don't you use it?

https://www.capitecbank.co.za/bankbetterlivebetter/financial-tools/savings-calculator
https://www.fnb.co.za/calculators/other/FutureValue.html
https://www.nedbank.co.za/content/n...nce/calculators/interest-rate-calculator.html
etc.

 

[Scooby_Doo]

Good Evening,

I'am trying to calculate how much money i will have if i put away R50 000 in a fixed deposit for 2 years.Not sure if my calculations are right but here is a rough figure for 24 months ? Basically started with R50 000 and added the interest per month.Is this right ?

Month 1 6.45% R53*225
Month 2 6.45% R56*658
Month 3 6.75% R60*482
Month 4 6.75% R64*564
Month 5 6.75% R68*923
Month 6 7.10% R73*816
Month 7 7.10% R79*057
Month 8 7.10% R84*670
Month 9 7.10% R90*682
Month 10 7.10% R97*120
Month 11 7.10% R104*016
Month 12 7.45% R111*765
Month 13 7.45% R120*092
Month 14 7.45% R129*039
Month 15 7.45% R138*652
Month 16 7.45% R148*982
Month 17 7.45% R160*081
Month 18 7.60% R172*247
Month 19 7.60% R185*338
Month 20 7.60% R199*423
Month 21 7.60% R214*580
Month 22 7.60% R230*888
Month 23 7.60% R248*435
Month 24 7.60% R267*316

lol, that would have been amazing...

 

[ubercal]

lol, that would have been amazing...

hahaha , i thought my calculations were way out .So i used the nedbank calculator and i would get around 8K.Pretty useless.

 

[MirageF1]

hahaha , i thought my calculations were way out .So i used the nedbank calculator and i would get around 8K.Pretty useless.

And remember to factor in inflation which is only going to get worse ,after that it's literally hopeless...might pay the bank fees and a 1.5L coke tho

 

[etwylite]

Not sure why any looks at bank fixed deposits when retail savings bonds give 8.25% from day 1