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Help with one year fixed account with monthly interest
Comments
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AER is a calculated figure required by the Regulator for comparison purposes.
Do not use it to calculate your actual interest. The banks don't.
Eco Miser
Saving money for well over half a century1 -
I don't think you've said what your tax situation is. The bank won't take any tax off but HMRC will eventually send you a bill if there's tax to pay.
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Only when averaged across the year - it's unlikely to be £500 in any individual month as interest payments will generally be based on the number of days in the month, as explained upthread.
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I dont pay tax. The money is from a compensation payout as i was involved in a serious car accident and will not be able to work for several years
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