Help decoding interest rates & accounts?

Author	Message
Written on: 11.11.2009 [18:42]
Mahima Mahima Topic creator Posts: 4	Can anyone explain the real deal with interest rates & accounts? Sorry, this may be investment & savings for Dummies for some, but I'm trying to work out how much interest I'll actually get if the bank offers me 6% AER on my savings?!
Written on: 17.11.2009 [06:26]
Connor Connor Posts: 5	The AER is the Annual Equivalent Rate, and indicates how much interest you'd earn for a one year period. It's designed to help you compare accounts, and see how much you'd get from one bank or another. How much interest you'll get depends how much you'll save, how regularly you'll add to your savings and how often the interest is compounded. Perhaps you could give a few more details It's hard to know how much you'll get ONLY knowing the AER!
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