Bank system on this

big_fella_andy · Post by **big_fella_andy** » Sun Sep 17, 2006 2:57 pm

hey, just looked at the bank on this... ive made an account, it says interest rate 1%... does this mean, if i have £100 in the account, il have £101 the next day... and so on? or is the percentage of the interest rate spread about over longer than 1 day if you get me?

ssgtsnelly · Post by **ssgtsnelly** » Sun Sep 17, 2006 4:13 pm

i would say that means that the ANNUAL interest will be £1 mate..which to me sounds horrendus you can definatly get a better rate than that..even the high street banks will pay more interest than that.

if your willing to leave it in for long periods without the need to withdraw money then open an ISA account which generally pay over 5% interest.

Istenem · Post by **Istenem** » Sun Sep 17, 2006 4:22 pm

you are barking in the wrong forest.

the bank here is only for cyberpoints which you can use to buy dodgy second-hand cars from Demmerz and play the games etc.

big_fella_andy · Post by **big_fella_andy** » Sun Sep 17, 2006 6:35 pm

yeah. i know its only for cyberpoints... i was just curious as to what the percentage is worked over... is it daily?

MordaciousK(nudges*star) · Mon Sep 18, 2006 9:36 am

I think it's pretty irrelevant tbh- the withdraw fee is 5% anyway-basically I think any interest u make you lose when u use

Dibble · Post by **Dibble** » Mon Sep 18, 2006 6:43 pm

Basically you would make £1 over the whole year. Considering that the interest rate is 4.5% you would love £3.50 by having your money with this bank account. Try Halifax which should give you 5%

Post by **admin** » Mon Sep 18, 2006 7:30 pm

Nice thread. The bank pays its interest daily. So if I put 100 in, after 10 days I would have over 110 with the compund inerest - but im too stupid to work that out!

Not knowing too much about these things, i think thats means we have a 365% AER??

I must stress this is only for cyberpoints, that are not redeemable for cash and have no cash value whatsoever, as posted in the FAQ and forum rules etc!! Had to post that, someone is bound to try and claim them one day!

Mattb · Post by **Mattb** » Mon Sep 18, 2006 7:58 pm

admin wrote:
I must stress this is only for cyberpoints, that are not redeemable for cash and have no cash value whatsoever, as posted in the FAQ and forum rules etc!! Had to post that, someone is bound to try and claim them one day!

Oh dear, you'd have to be a bit of a cretin to try and claim that! Hats off to whoever does though!

Matt