Interest accounts have paid what over the last 5 years?

[Andrew_A]

I'm trying to work out the best way to calculate returns on an interest bearing account over the last 5 years.

The interest will be calculated monthly on the cash holdings in the account.

I'm thinking that a decent kludge solution would be to work out the average rate at which interest was paid to high interest monthly bank accounts and just use that.

Anyone aware of a better solution or where to find historical rate data for interest accounts?

The amount in the bank is also changing quite a lot from month to month, a perfect solution isn't needed; just a reasonable one.

 

[thefirstbruce]

If this isn't a hypothetical scenario, you might check bank statements for historical rate data, or ring your local banker. Would be interesting to see if they could give you data for 5 years.

 

[Andrew_A]

Hi Bruce, Just wondering if there was a website where I could calculate averages.

I think at the moment I'm earning 5.25% on my high interest bank account. Im old enough to remember earning a lot more during the early 90's though

 

[thefirstbruce]

Hi A, hope driving in the snow is getting easier. AWD makes all the difference, esp on icey slopes.

Did you browse http://www.infochoice.com.au

Maybe the banks' web sites might give some historical info, though doubt it.