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Interest rate help

Jayjay08 · 2022-11-25 17:26:02

Can someone explain to me how the total balance after a year of this example is what it is? I had been looking at taking this account out but I can’t see how there’s only £162 interest at 5%. It’s calculated daily. https://www.ybs.co.uk/savings/regular-saver

Comments

badger09 Posts: 11,771 Forumite

26 November 2022 at 8:17AM

There are several Regular Savings accounts which pay very good rates, but some of them are available only if you have a current account with that bank. Some RS allow access, some don’t.
Put very simply, to maximise your interest you can hold your savings in an instant access or current account paying a reasonable rate of interest, then transfer to several Reg Savings accounts every month.

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