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Interest on savings - monthly or annually

WithCheesePlease · 2010-06-01 13:05:37

About to open a new savings account with Nationwide UK. One of the questions on the application form is whether to have interest paid monthly or annually. Is there any advantage of either?

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01-06-2010 2:05pm

#1

WithCheesePlease

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About to open a new savings account with Nationwide UK. One of the questions on the application form is whether to have interest paid monthly or annually. Is there any advantage of either?

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#2 03-06-2010 7:38pm
Pablo Sanchez

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If you get it paid monthly you will take advantage of compound interest ie interest on interest.

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#3 03-06-2010 10:56pm
stepbar

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DIRT tax is 25% for accounts where interest is credited less than monthly. Otherwise it's 28%.

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