NS&I 6.2% Savings

TractorFactor

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#1yrfixed

Just double checking, at 6.2%, if I added £7000 to the account and left it for a year, would that mean at the end of the year I get an extra £434 in interest?

subjecttocontract

Yes.......

TimSynths

I make it £7,446.55 after one year so £446.55 in interest.

Ayr_Rage

TimSynths said:

I make it £7,446.55 after one year so £446.55 in interest.

I think you have made a mistake, £434 is correct.

ColdIron

It's £434

From NS&I: <Get Started>

• What would the estimated balance be at the end of the term based on a £1,000 deposit?
• A £1,000 deposit would be worth £1,062.00 at the end of the 1-year term.

 https://www.nsandi.com/products/guaranteed-growth-bonds

BooJewels

TractorFactor said:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#1yrfixed

Just double checking, at 6.2%, if I added £7000 to the account and left it for a year, would that mean at the end of the year I get an extra £434 in interest?

That would be correct for the Guaranteed Growth Bond - you'd get £434 interest after 12 months.

However, if you went for the Guaranteed Income Bond, you'd get an average monthly payment of £35.17 interest to your nominated account, with nothing extra at the end of the year.