NS&I advice please

lampard

I have opened one of these accounts (investment account with post office passbook) on the understanding that i got 0.2% PER DAY intrest on the balance.

I wil be withdrawing the funds before september anyway because the account was setup to save for moving to begin a new job.

How long does the process of withdrawl take and is my intrest per day or not?

thanks for anyone who can help

alanq

The " Gross rate pa/AER" is 0.2%. pa = per annum = per year.

The interest will be CALCULATED daily so each day you will be earning 1/365 of the yearly rate.

The payment will be made "within a few days of receiving your request."

All the information is here
http://www.nsandi.com/products/invac/howitworks

lampard

alanq wrote: »

The " Gross rate pa/AER" is 0.2%. pa = per annum = per year.

The interest will be CALCULATED daily so each day you will be earning 1/365 of the yearly rate.

The payment will be made "within a few days of receiving your request."

All the information is here
http://www.nsandi.com/products/invac/howitworks

So its 0.2% for the full year..... Thats aful my god! May aswell keep it under the bed.

Are there any other places which would be better to keep the money in future as i want to make saving a regular thing?

thanks for the quick reply

00ec25

lampard wrote: »

Are there any other places which would be better to keep the money in future as i want to make saving a regular thing?

why not read the advice on the main moneysaving site using the tab at the top of the forum :cool:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Hungerdunger

lampard wrote: »

So its 0.2% for the full year..... Thats aful my god! May aswell keep it under the bed.

I appreciate you may not be as knowledgeable as some of the people here, but did you not think it was odd that this account would be offering the equivalent of over 100% interest over a year, when the best out on the high street is around 4%?

Unfortunately it's another case of "If it sounds too good to be true, it probably is"!