internet saver account

gringo18

i have just opened a internet saver account, i have transferred most my money out of my current account would it be better to have intrest paid monthly or annually on the account as the balance will fluctuate due to various bills and outgoings

geordie_joe

Depends if you need the interest or not.

You will get a little more interest from it being paid yearly. So if you don't need the interest each month then have it paid yearly.

Check the rates before you choose, just to make sure you get more from yearly interest.

gringo18

is this still the case when money is going in and out on a regular basis

lolarentt

gringo18 wrote: »

is this still the case when money is going in and out on a regular basis

Doesn't matter, interest will be calculated daily. You've posted the same question twice, on 2 different forums, which is very confusing!

gringo18

do you have a formula so i can calculate the interest annually and monthly

exel1966

When looking at interest rates you need to look at the AER and not the gross rate. Monthly or annually makes little difference if the AER is the same. It all depends on whether you plan to move monthly interest.