New State Savings Rates

I'm considering purchasing 6-Year Savings Certs. Apologies if this is a silly question... have I got this right?

The money you pay in has to stay put for 6-Years. So Year 1 savings stay put for 6 years ....and Year 6 savings stay put for 6 years
So it will actually be 12 years before all the savings have matured?
 
Silvera said:
I'm considering purchasing 6-Year Savings Certs. Apologies if this is a silly question... have I got this right?

The money you pay in has to stay put for 6-Years. So Year 1 savings stay put for 6 years ....and Year 6 savings stay put for 6 years
So it will actually be 12 years before all the savings have matured?
Click to expand...
Ah now, come on, tell us where you heard that wan?
 
There is no 6 year saving cert, do you mean the 6 year installment savings ?

If so, you save for a year and the money stays put for another 5 years ( 6years in total)
You don't add money in year 2-6.
If you choose to open another one every year, then it works like this

Installment saving account 1 - Save in 2021, matures in 2026
Instlallment saving account 2 - Save in 2022, matures in 2027

These would be completely separate products with no link between them
 
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