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Halifax Amount=£2000 years=2 2000(1+6.17/100) power of 2 = £2254.41 I will get £254.41 interest from this savings account Gross Net Account Customer Balance AER p.a. p.a. Up to and 6.17% 6.00% 4.80% Including £2,500 Ultimate Reward All customers Current Account Balances over £2,500 0.10% 0.10% 0.08% Up to and 6.17% 6.00% 4.80% Including £2,500 Monthly credits High Interest totalling £1,000 or Current Account more Balances over £2,500 0.10% 0.10% 0.08% Barclays This is what I get out of a Barclays savings account Day to Day Savings - what you get: Monthly interest (rate is variable). Convenience of being able to instantly transfer money between your Barclays current account and Day to Day Savings – in branch, by phone or online (if registered for Online Banking). An optional cash card for use at Barclays or Woolwich cash machines to withdraw up to £300 daily*. An account you can open with just £1, no maximum balance These are the rates on the savings account Day to Day Savings Compare to e-savings Open from £1 Maximum deposit N/A Interest rate 4.26% AER (4.18% gross pa)† Access Instant Interest paid (frequency) Monthly Account management Branch, phone, cash card and online (if registered for Online Banking) 2000(1+4.18/100) power of 2 = £2170.69 This savings account leaves me £170.69 interest Nationwide Interest AER AER* Gross p.a. Net p.a. Accounts for under 18s tier % % % % Cash CTF Cash savings fund open to Apply in children born on or after 1 branch September 2002 £1+ 6.25 7.25 7.25 n/a Effective View leaflet from: 01/08/2007 We guarantee that the cash Child Trust Fund interest rate (AER including conditional bonus) will pay at least 1.30% more than the Bank of England Base Rate until 1 January 2010. Smart Account Instant access savings Apply in account for 0-17 year olds. branch If you are 11 or over you £1+ 6.04 n/a 5.95 4.76 can apply online. Effective View leaflet from: 01/08/2007 We guarantee that the Smart Account interest rate (AER) will pay at least 0.25% more than the Bank of England Base Rate until 1 2000(1+6.25/100) power of 2 = £2257.81 This savings account leave me £257.81 Abbey Up to 5.85% gross p.a./AER. We offer 1-year, 2-year and 3-year guaranteed fixed-rate bonds. With interest rates of up to 5.85% gross p.a./AER, the choice is yours. Interest rates Fixed Rate Bond rates with interest paid annually Term Tier Gross rate p.a./AER 1 year £1+ 5.65% £50,000+ 5.85% 2 years £1+ 5.50% 3 years £1+ 5.35% 2000(1+5.50/100) power of 2 = £2226.05 This account leaves me with £226.05 interest Lloyds TSB These are all the facts on this savings account Key features and Benefits Interest rates. Tiered interest up to 6.00% AER/Gross* on balances of £100,000 or more, including an introductory bonus - view interest rates. Bonus Interest. Receive a 1% AER** introductory bonus on all tiers for the first 12 months. Minimum balance. Start saving now with only £1. Access to funds. Instant access - the convenience of Internet banking or PhoneBank *** means you can access your savings when it suits you. Ability to deposit on a regular basis. Set up a standing order - saving regularly from your current account is the easy way to grow your savings. Additional features. Name your account to suit you, such as holiday, rainy day or simply savings. Peace of mind. The UK's number one internet bank† and with an AAA rating‡. Fees and charges. No fees or penalties to withdraw - transfer money instantly between your Internet Saver and Lloyds TSB Current Account. 2000(1+6.00/100) power of 2 = £2247.2 This account leaves me with £247.2 interest Conclusion I have chosen the nationwide savings account to use as it leaves me with the most interest, is supported by the child trust fund and is for people under 18. I also have chosen this account because the amount allowed to be saved is very broad and flexible.
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