Access Bank, can somebody do the maths for me please?
Slinky
Forumite Posts: 9,280
Forumite
I've got a bond with Access Bank maturing next month.
They are offering me 3 renewal options
3 year fix at 5%Grose AER plus £75 bonus
2 year fix at 5.8% plus £50
1 year fix at 5.8% plus £25
I can have the bonus added into my new account, or returned to my nominated savings account. I'd most likely go with adding it to the new account.
Elsewhere I can get 6% on a 3 year fix or 6.05% on a 2 year.
Which would be the better option please? The bonus element is confusing me.
Make £2023 in 2023
Water sewerage refund: £170.62,Topcashback: £177.96, Prolific: to 31/8/23 £663.90, Haggling: £45, Wombling(Roadkill): £4.98, Interest: Jan-Aug £66.98, Chase CB £107.33, Chase roundup interest 65p, WeBuyBooks:£8.37, Misc sales: £383.39, Delay repay £22, Amazon refund £3.41, EDF Smart Meter incentive £100, Santander Edge Cashback-Fees: £25.14, Octopus Reward £50
Total: £1730.73/£2023 85.55%
0
Comments
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It depends on how much money you are investing.
6% is better than 5% + £75 for any amount over £2246
6.05% is better than 5.8% + £50 for any amount over £94401 -
I thought it looked complicated! Thanks very much for working it out @greatkingrat
Make £2023 in 2023Water sewerage refund: £170.62,Topcashback: £177.96, Prolific: to 31/8/23 £663.90, Haggling: £45, Wombling(Roadkill): £4.98, Interest: Jan-Aug £66.98, Chase CB £107.33, Chase roundup interest 65p, WeBuyBooks:£8.37, Misc sales: £383.39, Delay repay £22, Amazon refund £3.41, EDF Smart Meter incentive £100, Santander Edge Cashback-Fees: £25.14, Octopus Reward £50Total: £1730.73/£2023 85.55%0
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