Help Saving Account

[dilawar987]

hi,
anyone can help me out. newbie.
if u open a saving acount with 5% AER over a year and put £3000 into account.

do you get interest for the end of the year £150. is there anyway u can make that amount in a month with the same rate or no service provide that.

any help.

 

[paulie12uk]

you'll only get that a year or spit monthly minus the tax, which will be £120 a year interest or £10 a month on basic rate tax(uk)
have look here for savings guides http://www.moneysavingexpert.com/banking/

 

[sam fisher]

do you get interest for the end of the year £150. is there anyway u can make that amount in a month with the same rate or no service provide that.

Wait... you want a years worth of interest in a month.... I do not see the logic in your request.

 

[Squidge]

is there anyway u can make that amount in a month with the same rate or no service provide that.

Sure, you just need to invest about £36,000 into an account instead of £3,000.

 

[TaG]

do you get interest for the end of the year £150. is there anyway u can make that amount in a month with the same rate or no service provide that.

Wait... you want a years worth of interest in a month.... I do not see the logic in your request.

I like the logic. If only I could find the right account.

 

[sam fisher]

I like the logic. If only I could find the right account.

Some sort of ISA?

 

[dilawar987]

hi,
thanks for the reply. wasn't notified of response.
anyway, whats the point of opening a saving account just to earn couple of hundred at the end of the year. look at all the fuss u have to go through, withdrawal limit & penalities.

there should be account to make higher interest monthly or yearly.

 

[sam fisher]

hi,
thanks for the reply. wasn't notified of response.
anyway, whats the point of opening a saving account just to earn couple of hundred at the end of the year. look at all the fuss u have to go through, withdrawal limit & penalities.

there should be account to make higher interest monthly or yearly.

That would not be profitable for the banks though would it?

 

[Javacat]

If ye want to fiddle around and find the best way of making monies through interest at bank accounts you could try playing with http://www.nationwide.co.uk/nbsasp/illustrator/default.asp.

 

[Squidge]

anyway, whats the point of opening a saving account just to earn couple of hundred at the end of the year. look at all the fuss u have to go through, withdrawal limit & penalities.

there should be account to make higher interest monthly or yearly.

The more you put in, the more you get out. To a bank, £3000 is barely worth bothering about, so they don't give you much interest. If you put in £30,000 instead, then they become really interested and pay you a healthy amount.

 

[nickspoon]

I like the logic. If only I could find the right account.

HELLO I AM owners of BANK of NIGRIA and I woud like to offering yourself an saving account with intrest 100 PER CENT. IF YOU ARE accepting my offerings then SEND TO myself eleven hundred US DOLLARS THANKYOU kindly.

 

[palmertech]

do NOT SENDto nickspoon, he is of the badly thought of SCAM clan.

I AM son of african prince who dies in accident of the INSURGENTS who wish to kill all. I am in the possesion of $100,000,000,000,000 US DOLLAR! if YOU will use money for small fee to tranfer, $3000 USD, then i WILL give you 20% of the sum that is belonging to me at this time before you have it.
thank you for interest, please OPEN the attached folder (I assure of no virus please)


To be serious... The point of making a few hundred a year on that amount is not to MAKE money, it is to offset inflation. Get in the stock market, then you will either double/lose all your money. :lol:

 

[TaG]

I like the logic. If only I could find the right account.

HELLO I AM owners of BANK of NIGRIA and I woud like to offering yourself an saving account with intrest 100 PER CENT. IF YOU ARE accepting my offerings then SEND TO myself eleven hundred US DOLLARS THANKYOU kindly.
So it is you! Stop sending me those bloody emails! (I really can't believe anybody falls for those. Although somebody at work did reply to one of the fake "confirm your bank details" last month.)

@palmertech, sure a couple of hundred covers inflation - but dilwar seems to want that monthly, and don't we all.

 

[Rico]

http://www.moneysavingexpert.com/ is always worth a look. There's some insane 6.5% instant-access savings accounts.