Monthly or Annual interest?

squips | 09:47 Mon 15th Oct 2007 | Personal Finance

2 Answers

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Amount Deposited Gross Per Annum
paid Annually AER*
6.30%

OR

Amount Deposited Gross Per Annum
paid Monthly AER*
6.13%

How can I work out which is best for my savings?

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Dassie

The AER is your annual equivalent rate so you get a higher return by taking the paid Annually option.

Fay Mousse

I think it works out the same - if you leave the monthly interest in the account you will be earning interest on that as well.

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