If I was to put £300 in my abbey national account how much would I get back on a current account each month?

Question

Any help please it's a 16 - 18 account how much would I get back in interest?

Answer 1

You get a (crap) interest rate on money in your current account of 1.50%AER (1.49% Gross p.a.)

For a balance of £300, you will get 1.5/12% per month in interest .. i.e. about 37.5 p ..(since they say 'Gross' I assume you have to pay Tax on that :-) )

Answer 2

if you are over 16 you would be better off putting your money in an isa, its instant access if you get the right one, when you have to start paying tax you wont if its in an isa and you can save up to 3grand each tax year in it.
Current accounts have rubbish interest rate so if you are saving for something special put it elsewhere and its less incentive to spend it as well!!
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Answer 3

It depends on the rate of interest, check out several different companies to find the best rate before parting with any cash for savings.