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Savings - AER

MoneyPenny_2 · 2006-05-26 09:52:23

Dear All, I have a question and I think this is probabily the best place to ask it. "How is the AER percentage rate calculted for a savings account?" *Sometimes the AER quoted is the same as the Gross rate for an account, then sometimes it's more-which means that the gross rate is less than you thought you were getting.…

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MoneyPenny_2 Posts: 49 Forumite

10 June 2006 at 10:51AM

Mr_Mumble wrote:

ICICI pays monthly (gross 5.03%, AER 5.15%). If an account has interest paid yearly with no strings or bonuses attached then gross rate will be the same as AER.

Thank you. I shall have to contact them about this.

I've had a HiSave account for quite a while now and they've not paid me monthly interest.

MP.

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