just opened an online savings account. is it a decent way to save?

Question

online savings account: i pay in every month of £200. an interest rate of 5.00% AER/gross p.a. is paid annualy.

what will be new the balance after 1 year?

what will be new the balance after 5 years?

how did you do the calculations?

Answer 1

E savings are a great way to save, most banks give u a better rate because they can only be accessed online and not accessed in their branches therefore saves them money (in theory) However a lot of banks are offerin great rates for regular savers. (there will be terms and conditions tho) Apparently Barclays are offerin 12.5% subject to T&cs.

Answer 2

I as quickly as had an account with a dynamite brokerage abode called Jack White, in San Diego. They continuously spoke back the telephone on time, the brokers presented sensible techniques, the trades have been on time, and that they had approximately 4000 no load mutuals money. Then Jack White replaced into offered out by TD Waterhouse. They moved the operation to NYC, 0.5 the brokers spoke with extraordinary accents, they positioned me on carry and the trades took continuously. So I moved portion of my investments (mutual money) to Schwab and a few (replace traded money) to Scottrade. I even have in no way been sorry. Now TD Waterhouse has grow to be TD Ameritrade. i don't understand how they are doing because of the fact the final merger, yet Jack White replaced into great and TD Waterhouse sucked bigtime. In any experience, till you're a extreme expert with shares, and you have over $4 millionb, do your self a want and stick to mutual money, the two No load no 12-b1 money or ETFs. $10 isn't undesirable for a commerce, that's a marvelous deal extra helpful deal than any of Merrill Lynch's consumers ever get. What you will possibly desire to do is make investments all you could, each 3 hundred and sixty 5 days, as quickly as you could, in a Roth IRA. examine up on mutual money (Sheldon Jacobs has a great e book you may get for low-priced at Amazon) and join a stable mkutual fund publication. Hulbert will inform you who those are. stable luck.

Answer 3

Try this calculator from HelloDollar.com. Works great and no need to deal with the math.

http://www.hellodollar.com/archives/2005/08/savings_growth.html

Answer 4

Hope you shopped around first `cos i think you may have been able to better that rate if only slightly.

Answer 5

MAKE SURE YOU HAVE A GOOD ANTI SPYWARE BECAUSE SOME NOW TAKE PICTURES OF WHAT YOU ARE VIEWING!