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I Am Confused!...and My (Unhelpful And Ignorant Bank) Don't Seem To Be Able To Enlighten Me.
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I have £20.000 in a Lloyds ISA. ....returns are crap. I am looking to transfer it to a better %. Whenever I call the bank get thro' to someone who really can't give me an answer....perhaps somebody here can...what's difference between APR/AER.....(lloyds staff seem perplexed, but what's new!) I need easy access to at least £5000 per year.......any helpful bodies out there?
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APR isn't relevant as far as I can see- it's a term used in relation to loans. AER is the effective rate of interest. It's usually almost identical to the headline rate. Just compare AERs for the best rate. Returns with all ISAs are pretty poor- you can do better by spreading your money around between non-ISA accounts but there may come a time when iSAs are better value so keep some in there rather than lose the tax free status in future years
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