Savings account naivety28 Apr 2024 08:54
My 6.2% Lloyds monthly saver matured yesterday. I put £200 in a month with the interest applied at the end of the year's term, thinking i'd get (£2400 x 6.2%) £148.80 interest at the end.
Nope - idiot me didn't realise that the interest is based on monthly accumulation. so i got the equivalent of 3% interest instead.
I should have put a lump sum in a 5% interest account with the likes of Cahoot rather than what i did.
Oh well, you live and learn eh.....