We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Difference in interest rates on fixed terms
lotty13
Posts: 14 Forumite
Can anyone please explain why you can get more interest on a 3 or 6 month fixed rate than a 12 also do they work it out on the yearly rate then divide it down to say 90 days for 3 months. We live abroad and have a lump sum to reinvest in July after having a years fixed rate of 7%!!!!! (Oh happy days) We can only use offshore and as the Irish banks are looking a bit iffy and the Halifax who we have it with are only offering 2.5% has anyone any suggestions. It will also be a higher amount that the safety net!
0
Comments
-
depends on how much the banks want money over the given period
the interest rate can be worked out using the gross %, divide by 365 days, then multiply by the number of days in the given period. Might not be 90 etc - you need to work out the number of days in the relevant months.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards