Can anyone offer help or point me in the right direction for a good explanation of saving accounts ( I know google is my friend - but its hard to know what is good advice and what is not when you have no clue). I was looking at the Alliance & Leicester eSaver http://www.alliance-leicester.co.uk/savings/esaver.aspx
It says Earn 6.30% gross p.a./AER variable (6.13% gross monthly), if you don't make a withdrawal. Could someone explain how this would work if I had say £5000 sitting in the account without withdrawing. Its paid monthly, so is it just say 6.3% of £5000=315 per annum so 315/12 = £26.25 per month?
Any help will be appreciated and repped :D