Hello there, since there is a 40 min wait on TESCO phone helpline I thought I would ask the question here.
I was looking at the 2 year fixed rate 4.67% monthly interest Gross/AER*
Am I right to presume to simplify things if £100,000 was invested then the monthly payout would be around £389 or am I missing something here?
Reason I am asking is because TESCO seems to be amongst the best rates and I am wondering if I am missing something...
You are correct in your arithmetic.
The annual return is £4670 which as you say is £389 monthly.
Dont forget the taxman will want his 20 % which is over £800 !
Still a good return though.
The hardest part is guessing when the rates have peaked though as Tesco have increased the Internet saver rate 3x in the last few weeks.
P.s Just checked the website and 2yr monthly rate is 4.55% and 3 yr is 4.65%.
You get a wee bit more going with annual rate.
Last edited by Talllegs; 28-10-22 at 15:16.
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