Saving accounts interest question.

Bob2000

If Il opened a saving account at 4.5% and deposited £1000,  then opened  another one with the exact same interest and money deposited,
after 12 months, would l get the same amount had  l only just opened one account  and stuck the £2000 into that?

eskbanker

Yes.      

PRAISETHESUN

All things being equal (same type of account, same amount deposited, same dates of initial deposit, same withdrawal date, same interest rates, etc) then yes, £2000 saved at 4.5% will earn the same amount of interest as 2x lots of £1000 also saved at 4.5%.

CliveOfIndia

Yes, the net result would be the same - assuming, as pointed out by a previous poster, that the interest calculations are performed the same on both accounts (calculated daily, weekly, monthly, whatever).

Bob2000

PRAISETHESUN said:

All things being equal (same type of account, same amount deposited, same dates of initial deposit, same withdrawal date, same interest rates, etc) then yes, £2000 saved at 4.5% will earn the same amount of interest as 2x lots of £1000 also saved at 4.5%.

OK thank you for answering  my basic question 

Bob2000

CliveOfIndia said:

Yes, the net result would be the same - assuming, as pointed out by a previous poster, that the interest calculations are performed the same on both accounts (calculated daily, weekly, monthly, whatever).

OK thanks for the reply