Aer - Apr ??

tonkasdog

Thanks, I have just had a look at moneysupermarket and Bradford & Bingley are paying 5.06 net p/mth or 5.21 net p/a. I read this is one of the safest places right now since the government bail out but they are not taking on new customers as they can only hold a max of 1.5% of UK depositers cash?

Alfie_E

The government only hold what was Bradford and Bingley’s mortgage book. The Spanish bank Santander have acquired the account deposits. Having experienced Santander customer service first hand via Abbey, I would be very hesitant to recommend a Santander bank to anyone. I’ve just noticed the Birmingham Midshires account is also monthly.

oldwiring

Lokolo wrote: »

For monthly paying accounts:

Gross is the monthly rate you will get.
AER, if you leave the interest in that is the rate you will get.

i.e. 6.08% gross, 6.25% AER

So each month you get 6.08%. If you take the interest out and spend it, at the end of the year the rate you would h ave got is 6.08%.
However, if you leave the interest in the account to compound, you will end up with a 6.25% interest in total figure.

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For best rates go to moneysupermarket, then go into Savings, then put in search stuff and walla!

Pedanticly shouldn't it be one twelfth of 6.08%?;)

Lokolo

oldwiring wrote: »

Pedanticly shouldn't it be one twelfth of 6.08%?;)

Ok Mr Pedantic!