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Cahoot savings - help!
newfoundglory
Posts: 1,912 Forumite
I have a large chunk of savings i need to put somewhere for about 6 months to a year or so... now I was looking at the cahoot savings account.... interest rate details via the link below
http://www.cahoot.com/rates_fees/rates_fees.html#savings_account
The rates don't make a great deal of sense. Take a look at the gross and AER rates (where the AER reflects the fact both the annual and monthly interest rates have a bonus of 0.75% bonus for months 1 to 6 and a 0.25% bonus for months 7 to 9).
If you look at the £15,000 to £100,000 tier ANNUAL rates, its 5.25% gross, and 4.93% AER.
If you then look at the £15,000 to £100,000 tier MONTHLY rates, its 5.15% gross and 4.94% AER.
The AER for monthly interest is higher than annual? That would suggest to me that the monthly interest is therefore the better option?
Thanks
http://www.cahoot.com/rates_fees/rates_fees.html#savings_account
The rates don't make a great deal of sense. Take a look at the gross and AER rates (where the AER reflects the fact both the annual and monthly interest rates have a bonus of 0.75% bonus for months 1 to 6 and a 0.25% bonus for months 7 to 9).
If you look at the £15,000 to £100,000 tier ANNUAL rates, its 5.25% gross, and 4.93% AER.
If you then look at the £15,000 to £100,000 tier MONTHLY rates, its 5.15% gross and 4.94% AER.
The AER for monthly interest is higher than annual? That would suggest to me that the monthly interest is therefore the better option?
Thanks
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