Interest Rates

A question about : Interest Rates

Can any one explain how the interest rates work. I took out a Regular Savings account with HSBC which finished in November. The interest rates advertised was 6% AER. I invested Ј2550 during the previous 12 months and I only received Ј60.36 interest how is this?

Best answers:

• Use this calculator if you have made regular monthly deposits: https://www.moneysavingexpert.com/sav...nts#calculator
  Ј60ish sounds about right. The max interest you can make if you max the monthly deposits is Ј77.44 after BR tax. You receive interest for the money you have in the account at the end of a day.
  How much were you expecting?
• Many thanks to all who replied. I think I know what I will be doing next year!!