Re: Anglo Irish launches new 8% Regular Savings Account
You have to compare like with like. €1K in month 6 in this account earns 4% over the remaining 6 months of the 1 year term. €1K over 6 months in a 5% lump sum account earns 2.5%. You are better off with the regular saver. Or rather drip feeding the 8% regular saver from a 5% lump sum account.Using the formula above in month 6 the interest rate would be 6/12*8% = 4%