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Which savings account?
nabeelv
Posts: 107 Forumite
Hi,
So i have a quick question, I currently hold a savings account which pays 3.12% interest which gets added monthly. I have ~£4k in the account and was wondering if the 3.2% santander account would beat this account ( i dont know how to work it out properly as one has monthly interest and the other is annual)....also I don't pay tax on my interest as im a student and not earning if that makes much of a difference.
thanks
So i have a quick question, I currently hold a savings account which pays 3.12% interest which gets added monthly. I have ~£4k in the account and was wondering if the 3.2% santander account would beat this account ( i dont know how to work it out properly as one has monthly interest and the other is annual)....also I don't pay tax on my interest as im a student and not earning if that makes much of a difference.
thanks
0
Comments
-
the AER rate is your friend
it takes into account compound interest
which ever has the higher AER is the best deal0 -
You'd get about an extra 1 penny per day with Santander.0
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