Hello. I am looking to do a fixed term

Account on Monzo. At the moment, monzo is offering 0.6% fixed rate for 6 months and 1.02% fixed rate for 12months.

When selecting the fixed rate and add funds to that account, Monzo provides with an example of how much interest I will earn at the end of the term, i.e.for an investment of £1000 for 12 months, the interest earned will be £10.20. However, when selecting the 6 months term, the example states that for a £1000 investiment, the interest rate earn at the end of the 6months will be £3. Shouldn’t this be £6? I am confused about this specific interest rate for this 6months term.

Can anyone clarify this please?

Regards

A

The 0.6 is APR (annual percentage rate) so is based on 12 months. Meaning 6 months is half of that

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Its showing the interest you would get after the minimum period which is 6 months for the 2nd one.

Now that makes sense. Thank you for that

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