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Please help me decide how to save!

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  • Malc`
    Malc` Posts: 43 Forumite
    Ah, I was looking at an example of 3 years and it was earning more than I was calculating. Just remembered from some old finance lectures that you raise the interest to the power rather than just multiplying by 3!

    On the sainsburys internet saver account it lists AER as 6.25% and "net" interest as 5.0% - meaning I'll only get 5% on that as I'm a tax payer right?
  • jem16
    jem16 Posts: 19,847 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Malc` wrote: »
    On the sainsburys internet saver account it lists AER as 6.25% and "net" interest as 5.0% - meaning I'll only get 5% on that as I'm a tax payer right?

    That's correct. Although if you are a higher rate taxpayer it will only be 3.75%.
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