P566 ORACLE 566 Sun 7 Aug S4C 2000:01  1/6    YOU WRITE...  If you've got a money question or point to make maybe we can help. Write to me, Carol Oliver at Your Money, ORACLE, 25-32 Marshall Street, London W1V 1LL. Sorry, but no personal correspondence. Here are this week's letters: ####################################### CALCULATING INTEREST "Calculating six months' interest on my seven day Abbey National account I found a discrepancy of some 4.8% on the approximate average balance of £1,700 for the period. letter continues > Your Money guide 560 Feature 567 SHAREDEALING SERVICE - SEE PAGE 577 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2040:15  1/6    YOU WRITE...  If you've got a money question or point to make maybe we can help. Write to me, Carol Oliver at Your Money, ORACLE, 25-32 Marshall Street, London W1V 1LL. Sorry, but no personal correspondence. Here are this week's letters: --------------------------------------- CALCULATING IN(FREST "Calculating six months' interest on my seven day Abbey National account I found a discrepancy of some 4.8% on the approximate average balance of £1,700 for the period. letter continues > Your Money guide 560 Feature 567 SHAREDEALING SERVICE - SEE PAGE 577 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2031:01  3/6    YOU WRITE...  CALCULATING INTEREST (reply cont.) Building societies tend to calculate interest d—jly and it's not easy to check their figures because over six months it becomes complicated addition. Daily interest = Ac balance x annual interest ——————————————— 365 Add up the daily interest every day for the six months and you get the half yearly figure. Interest is NOT calculated on an average balance over the six months. That would be too simple... more > Your Money guide 560 Feature 567 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2051:01  4/6    YOU WRITE...  WIDOWS AND TAX "I have been a widow for three years and since I retired my tax code dropped to 170L. But since the Budget of this year I am informed that it is now 11L. Does that mean that I will have to pay more tax?" MRS E of Sunderland Your Money replies: The short, sad answer is yes. Widows are entitled to a tax allowance (now £1,490) for the two years following bereavement. But once that time is up they are only entitled to the normal single person's allowance or an age allowance if you are over 65 and your income does not exceed a certain amount. more > Your Money guide 560 Feature 567 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2010:01  2/6    YOU WRITE...  CALCULATING INTEREST (cont) "Abbey National said the calulation was based on the balance on the day FOLLOWING deposit but the balance on the SAME day for withdrawals. Is it fair practice?" W.R.JONES, Bromsgrove, Worcestershire. Your Money replies: You are right, cvt Abbey is not that unfair. Interest IS calculated on the balance at midnight BEFORE the day of deposit and also on the midnight BEFORE withdrawals. So you miss interest on the day you deposit but you gain it on the day you withdraw. more > Your Money guide 560 Feature 567 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2040:10  5/6    YOU WRITE...  UNIT TRUSTS & THE CRASH "I retired in 1987 after 50 years hard work. I opted to take a lump sum from my pension and took up my bank's offer of free financial advice. My financial advisor suggested unit trusts and I agreed an investment and presented a cheque on October 8, 1987. A few days later the stock market crashed. I was unable to block my purchase and lost £1,092 on a £9,500 investment. Yes, I was told shares go down as well as up. But my experience shows they go up slower and by less than they go down. more follows > Your Money guide 560 Feature 567 Feature Tourist Rates Holidays City
P566 ORACLE 566 Sun 7 Aug S4C 2040:20  6/6    YOU WRITE...  UNIT TRUSTS & THE CRASH (letter cont.) "I feel I was badly advised. I would urge readers to be very wary before they part with their hard-earned cash on the stock market. Common sense should have told me to put my pension in a high interest bank account, because, at my age, it's ludicrous to think about a "long-term" investment". J.HAUGHTON, Stretford, Manchester Your Money replies: Genuine good news is that trusts are recovering and that if past performance is anything to go by, you'd be unlikely and unlucky to lose out over five years. Thanks for the warnings and let's hope the stock market settles. See 567. more > Your Money guide 560 Feature 567 Feature Tourist Rates Holidays City