The New Top Easy Access Savings Discussion Area

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/81963386#Comment_81963386

Most threads in this forum have a specific topic in the OP, which people need to see the first time they view the thread (this long-running "discussion area" is an exception). Therefore after that, the replies are shown in the order they are made. You will find that when you return to a topic you've already viewed, you'll be positioned where you last read it.

p1ston

Can someone enlighten me how on earth do we get from 5.84% gross to 6% aer in the Santander edge saver? The monthly interest paid does not accrue interest because it's over the 4k limit

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/81964054#Comment_81964054

AER is a made-up number with strict rules, that assume all interest compounds. - which the edge saver would do, if you didn't have so much in it.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81964094#Comment_81964094

Same thing (sort of) with AER on 6 month savings accounts - how can you quote an ANNUAL rate for a product that is only running for half that term?

Answer's in the EQUIVALENT bit of AER.

p1ston

https://forums.moneysavingexpert.com/discussion/comment/81964094#Comment_81964094

Makes sense. So for all those 4k ers out there the interest rate is really 5.84 not 6

p1ston

There's a maths problem. What's the maximum you could put in so for the whole year your interest is truly 6%

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81964141#Comment_81964141

..or have a second Edge Saver to which you transfer the monthly interest from the first £4k Edge Saver, then I think the combined interest rate is 6%….until that one's full too.

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/81964233#Comment_81964233

How do you get a second Edge Saver please?

crumpet_man

https://forums.moneysavingexpert.com/discussion/comment/81964233#Comment_81964233

If someone has that then why not move some funds from one to the other so that you do not have to skim the interest each month?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81964261#Comment_81964261

Well since you're being serious, because both Edge savers are already full (earning 6% APR).

https://forums.moneysavingexpert.com/discussion/comment/81964242#Comment_81964242

Open a second Edge current account (there may be cashback available). Do not set up DDs on this second account and it won't attract the monthly fee.