just saw and advert for....

lukamon · World Chat Champion Joined: 18 May 2007 Karma :

a savings account. with a "fantastic rate of 7.0%!"

okay, now the small print
a. great rate is up to £2500 only, after that its 0.1% apr... okay...
b. £10 a month fee.

so, assuming you open the accountand stuff £2500 in it the same day, then that money will make £175 in a year, but the bank will have £120 of that please, so actually you're only making £45.45, which is 1.81% Laughing

it make me laugh, anyway Surprised

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pwntifex · World Chat Champion Joined: 23 Aug 2006 Karma :

mlaaaaaaaaar
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trevoriv · World Chat Champion Joined: 04 Jun 2005 Karma :

If it's the Hafilax one then they get the 7% based on compound interest over the course of several years i think. It's a con.
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Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Nah its often even worse than that in that you can't just open them and stick £2500 in it, you have to put £1000+ in a month payable only by BACS (and thus your salary) , thus only by month 3 will you start to get the 7%.

After 12 months it ends., best stick with the ASDA 6ish % one , the Icelandic bank somewhere gives you 6.75% , but is experiencing cash flow problems currently.
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