First Active 40 Day Notice Account

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greentree

Registered User
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I am looking into depositing 50K into this type of account.

Could someone tell me what the catch is?!! (Besides having to give 40 days notice!). Here are the rates:

[broken link removed]

So, does this mean I can get a return of (2.33 x 4) 9.32% ??

Does anyone else have this type of account?

Thanks in advance!

Mick
 
can anyone join this account or do you have to already have an account? And surely there must be some catch to it?
 
greentree said:
I am looking into depositing 50K into this type of account.

Could someone tell me what the catch is?!! (Besides having to give 40 days notice!). Here are the rates:

[broken link removed]

So, does this mean I can get a return of (2.33 x 4) 9.32% ??

Does anyone else have this type of account?

Thanks in advance!

Mick
Click to expand...
Eh, I believe that's the interest you get per quarter annualised, so actually you get 2.33/4 per quarter to give the AER (annual equivalent rate) of 2.35%. I'm open to correction, but otherwise the AER makes no sense!
 
yoganmahew said:
Eh, I believe that's the interest you get per quarter annualised, so actually you get 2.33/4 per quarter to give the AER (annual equivalent rate) of 2.35%. I'm open to correction, but otherwise the AER makes no sense!
Click to expand...

Yes, I was thinking I must be understanding it incorrectly. Was just a bit confused by the 'Quarterly' in the column heading. I wonder why the 0 -> 4,999 rate is so small (0.40%) - maybe to discourage people with small sums using it?

Come to think of it, there seem to be lots of consistencies in this page. For example where is the 10K -> 100K band in the ' Instant Access Savings Account' section?

Mick
 
If the AER is stated as 2.35% then that must be what you get on amounts deposited for 12 months. It's a poor rate in the current climate.
 
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