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I've never had any savings before and need help
Comments
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Well you are only getting 5% on the balance each day, so its not really a like for like comparison is it to chuck it all in an ISA straight away at, say, 4%.
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That's 5% APR not 5% per day (which is around 1825% APR).
The most profitable option for a lump sum is probably a combination of high interest Easy Access account and a selection of high (over 6%) interest Regular Saver accounts, though it's possible a Fixed Rate/Fixed Term saver would beat that.
The actual cash interest needs to be calculated for each scenario to be sure.
Eco Miser
Saving money for well over half a century1
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