16 Years Old - Best Account?

sophie131

£52.50 lol
I sooo hope i've done it right, i'll be really cross if it doesn't work, although it does say it could take 14 days to show! Aswell the 10% is really handy!

DailyClicker

Very nice

£52.50!!

£2.50 more than Quidco!

I'm still confused about this 10% AER and what it means..... =(

sophie131

If you have 1000 in your account, you will get 100 extra in total if it stays in there. Or something along those lines, all I realllyy know is it's good

DailyClicker

Per year? But they pay the Interest every month....... so how does it work like that?

sophie131

You know what, I have noooo idea. Maybe i'll just sit quietly and wait for someone knowledgable to reply... hmm..

hustle90

DailyClicker wrote: »

Per year? But they pay the Interest every month....... so how does it work like that?

I've just opened an under 21 premier account with A&L and I'm pretty sure the 10% interest is only for the first year. After that, the interest rate changes to a much lower rate.

Also, make sure you close the account if you ever stop using it, as when you get to 21, they upgrade you and you're charged if you don't put a minimum amount of money into the account each month.

Lokolo

The 10% rate is AER. i.e. if you leave £1000 in your account for 1 year without touching the monthly interest you will get £100 interest.

However, the monthly interest will be lower than this to compensate for compound interest, so like you will get 8% or something interest each month (/12 as its monthly) which will then add up to be 10% interest over the year if you leave it inthere.