how do abbey's eSaver and eSaver Direct Accounts work?

Sunny2good

Hi Everyone,

I am an abbey customer and would like to open an eSaver direct account paying a rate of 6.50% with them where i would like to put £12,000 which i will not touch for the year but will be adding more to it every month. My question is, how does the interest get calculated on this? I know this is paid on my anniversary date, but does someone know whether it is calculated daily? Some examples would be great, as to what i can expect after a year.

Second question is, how does the sSaver account work? it offers a rate of 5.40% and this does not get effected even if you make a withdrawal. So this confuses me as to how interest is calculated and paid on it. Say i put in £1000 one month, take out £200 the next month and then pay £1000 next month etc etc for a year, how will the interest be calculated and paid?

Many Thanks for your help, it would really be appreciated.

Thanks,

Sunny

LittleVoice

Interest will be calculated on the daily balance in your account. That applies to both accounts (and you know about not withdrawing from the eSaver Direct account if you want to get the full interest.)