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Go Herd
Lv 5
Go Herd asked in Business & FinancePersonal Finance · 9 years ago

Savings Account Interest Rates?

I currently have two savings accounts (one account for regular savings and one for an upcoming trip) which earn interest differently. One earns interest at 0.25% quarterly and the other at 0.25% monthly.

Which account is earning me more interest in general (assuming they have he same amount of money in them?

Thank you!

4 Answers

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  • ?
    Lv 7
    9 years ago
    Favorite Answer

    Hi, your account for 0.25% monthly is generating more interest. The quarterly account is only .083% when you break it down by the month.

  • sharmaprojects
    Lv 4
    9 years ago

    The one with 0.25% quarterly gets you 1% per year.

    Monthly 0.25% = 12 x 0.25 = 3% (compounded will be 3.04%).

    I wonder why there is such a big difference between the interest in two accounts in the same bank!!

  • Anonymous
    9 years ago

    Depends what saving account you want. Though the link given shows all the types of saving

    http://www.investmentsense.co.uk/free-se%E2%80%A6

  • Mark
    Lv 6
    9 years ago

    The monthly one, the more often it is calculated, the better for you.

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