saving a/c monthly or annuall interest

evosy1978

hey guys,

when i opened my lloyds online saver i was given the option to have the interesr#t paid monthly or annualy

which pays the most or is it exactly the same.

ta.

CLAPTON

compare the AERs .. if they are the same then its the same , if they're not then its not.

Ian_W

Should be exactly the same if you leave the interest in the account to compound - both should show the same AER of 5% - or 4.4% after the bonus expires.

Speaking of which, it isn't exactly an earth shattering rate so I wouldn't use it as a main savings account - there are many, many much better ones out there.

EDIT: Just checked on the LTSB site and they're not the same! Monthly is lower at 4.75AER compared to 5 for annual [4.15 monthly comapred to 4.4 AER after bonus expires].
Apologies - but they were the same when I opened mine. There again, it was a very competitive then, so it's quite a while ago!

evosy1978

cheers lads

the reason i ask is cus i only wana put the money in it for 3 months. £10,000. and i accidentally pressed accept while i was it was on the annual box. never mind,.

Rekon there will be much difference.

thanks

McSaver

evosy1978 wrote: »

cheers lads

the reason i ask is cus i only wana put the money in it for 3 months. £10,000. and i accidentally pressed accept while i was it was on the annual box. never mind,.

Rekon there will be much difference.

thanks

You will get it paid if you close your acount in 3 months time when you withdraw the cash.

evosy1978

thasnk for reply.

will i get the interest at the end of the year if i leave the account open with the 250 pound in it.

ta,