How is interest calculated?
The AER value, or Annual Equivalent Rate, is used to show what you would earn in interest from different savings accounts over a year.
The percentage shown is not what you will earn daily based on your current savings.
For example, if you had £1000 in your Savings with a rate of 3% AER, in a month you would earn £2.50 and over a year you would make £30.
Click here to use this interest calculator on the Bank of England's website to calculate your potential interest earnings.
The percentage shown is not what you will earn daily based on your current savings.
For example, if you had £1000 in your Savings with a rate of 3% AER, in a month you would earn £2.50 and over a year you would make £30.
Click here to use this interest calculator on the Bank of England's website to calculate your potential interest earnings.
Updated on: 31/05/2023
Thank you!