Looking at the ISA saving pots but have no idea how much I’ll make. It says 0.40% AER. How often will I make 0.40% on my ISA? I’d assume it isn’t yearly since 0.40% on £10 (the minimum input) is basically nothing if it’s done yearly.
0.4% is the annual rate of interest. So you won’t get rich quick - but neither will you on any current savings offering.
If you’re looking to invest a small sum in-year, ie, less than many-thousands, you’re better off looking for a simple easy access savings product. It’ll probably attract a slightly higher rate.
Oh. Do people actually use it then? You’d make like £40 after 10 years if you put £1000 in.
Some will. But these are tough times…
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