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Savings Account and AER

  • 30-08-2013 12:28pm
    #1
    gar44
    Registered Users, Registered Users 2 Posts: 77 ✭✭


    Hi Guys,

    I am about to open a savings account that I want to use for the next year and a half to save 15k. I was looking at the ulster bank regular saving account with 2.5% AER and was wondering if this was the best option for me.

    I was also wondering if anyone could explain exactly how the AER works. On their site they say they calculate it at 2.5% each month and payout in October. If I saved 1k a month for 1 year what interest would i get approximately? I'm a little confused on how they calculate it.


Comments

  • #2
    Sarn
    Registered Users, Registered Users 2 Posts: 3,109 ✭✭✭Sarn


    Approximately €138 before DIRT (33%), €92 after tax.


  • #3
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    gar44 wrote: »
    I am about to open a savings account that I want to use for the next year and a half to save 15k. I was looking at the ulster bank regular saving account with 2.5% AER and was wondering if this was the best option for me.

    It depends. Do you want to save monthly? Do you have a lump sum?

    Nationwide UK Ireland pay 4.00% AER with their regular saver account.

    Have a read of this best buy guide.


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