You earn 8% annualized on all contributions but this does not mean that €1,000 lodged in month 1 and €1,000 lodged in month 12 earn the same return. In the former case you (roughly, gross) earn €1,000 x 8% = €80 while in the latter it's €1,000 x 8% x 1/12 = €6.67.She explained that the a/c only lasts for one year from date of opening. Thus, apparently you actually earn the same 8% rate on the the money that is saved in month 1 as on the money you save in month 11. It seems a bit generous to me but the Anglo Irish offical seemed to know her stuff.
I was thinking you calculate the interest on a regular saver as number 14 has stated above. However, I called into Anglo Irish today and the offical demonstrated that the interest is calculated as Paddy W has outlined above.
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