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AA 1 year Fixed Term Bond Help!
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Hi guys,
I applied for an AA Savings 1 Year Fixed Term bond last week when the interest rate was still 7.21%. A couple of days later, it went down to 6.30% for the year. However, I just received the documents this morning confirming my new account had been opened and I'm slightly puzzled as it says '1 year fixed rate 6.98% MI Savings Account.' What does this mean? 6.98% interest was not the interest rate when I signed up, nor is it the new interest rate so I'm a bit confused! Also, being slightly new to savings, I have no idea what 'MI' means, can anyone shed some light?
Many thanks guys,
Goldilockz
I applied for an AA Savings 1 Year Fixed Term bond last week when the interest rate was still 7.21%. A couple of days later, it went down to 6.30% for the year. However, I just received the documents this morning confirming my new account had been opened and I'm slightly puzzled as it says '1 year fixed rate 6.98% MI Savings Account.' What does this mean? 6.98% interest was not the interest rate when I signed up, nor is it the new interest rate so I'm a bit confused! Also, being slightly new to savings, I have no idea what 'MI' means, can anyone shed some light?
Many thanks guys,
Goldilockz
0
Comments
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Probably monthly interest which will compound up to 7.21%0
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6.98% is the Monthly Interest rate version.0
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Pass - mine is headed "New AA Internet 1 Year Fixed Rate 7.21% Savings Account".
Edit - I'd forgotten about the monthly interest option!0 -
Ahhh, I see! That makes sense! Thank you all for your help!0
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