Interest on 50k lodged in 1960.

Joe10000

Can someone please help me calculate what 50k lodged in an Irish bank account in 1960 would be worth now ?

Many thanks.

Kenno90

Was it a current account , saving account?

Kenno90

I've used this calculator in the past, find it good.

There is no way of calculating the internet if we dont know the rates

dotsman

As others have said, without knowing the type of account and interest rates (which would have changed many times over the past 55 years), there simply is no answer to that question.

Joe10000

It would have been a current account, thanks for all your replies. Yes I felt the only way of doing it is go back and check the average interest rate each year for the 50 odd years but thought there might have been a tool out there to do it for me.

Kenno90

Joe10000 wrote: »

It would have been a current account, thanks for all your replies. Yes I felt the only way of doing it is go back and check the average interest rate each year for the 50 odd years but thought there might have been a tool out there to do it for me.

Not that i know of. Do you know the balance of this account and are just trying to clarify if its correct.

Or are you trying to work out how much is in it.

I mean say if it was 0.50% APR after 55 years it would have grown to 65k

NOT INCLUDING DIRT

coylemj

Joe10000 wrote: »

It would have been a current account, thanks for all your replies. Yes I felt the only way of doing it is go back and check the average interest rate each year for the 50 odd years but thought there might have been a tool out there to do it for me.

Current accounts only started paying interest on positive balances relatively recently, the rate is typically well below the rates on savings accounts and even then it's not all current account that pay interest, some pay nothing.

I have an EBS Moneymanager statement in front of me and their interest rate on positive balances is 0.03%.

Over 50 years I'd say there was no interest at all for the guts of 30-40 years and since then you may or may not have accumulated interest, possibly not if the account was dormant and you didn't ask to move it to an interest-paying account. The banks typically operate on the basis that if you don't ask them for something which is going to cost them money then you don't get it.

Joe10000

I don't want to divulge the nature of the query but many thanks for the replies, much appreciated. If I ever get to the bottom of it I will come back and let you know, thanks again.

whomitconcerns

interestingly enough if it was 50k USD, What cost $50000 in 1960 would cost $388,055 in 2014!!

http://www.westegg.com/inflation/

But as others have said it depends on a lot, but in a current account, IF it wasnt rendered dormant, it would have almost no interest. If dormant none either, but good luck recovering an account that old!

hfallada

More importantly how much would inflation eroded the savings? Inflation was a serious problem in the 80s and even with high rates of interest. The value of your savings would be greatly eroded