I want to open a new UK savings account - do I go for monthly or annual interest? Which will earn me the most?
2007-12-23 00:43:43 · 3 answers · asked by Jackie B 2 in Business & Finance ➔ Personal Finance
Nearly ALL interest rates of expressed as ANNUAL rates. At least in the US, nearly all accounts actually PAY interest monthly. You need to compare the effective annual rates of each account. In the US, APY (annual percentage yield) is often used to describe that number. If you deposit $100 (of any other amount) and leave is alone for 1 year, how much will you have? That is the question you need to ask the bank.
2007-12-23 04:50:48 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
It depends on the interest rate of both accounts. However, if you opt for the annual rate, your money may be locked up for a year. If you take it out you lose all accrued interest.
2007-12-23 01:02:19 · answer #2 · answered by beckoningsubstitutes 5 · 1⤊ 0⤋
get a organization calculator, google a pmt time table, or go into excel and form =PMT( ... and fill in the records chain then substitute words to 2 hundred, and refine your guesses. >> google additionally must have the formulation, to make certain in case you published it wisely.
2016-10-09 02:40:18 · answer #3 · answered by ? 4 · 0⤊ 0⤋