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Added the "AER" to the title so it more accurately reflects the actual question being asked
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edit approved Jul 13, 2018 at 6:23
Monty Harder
edit approved Jul 13, 2018 at 6:23
Monty Harder
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Does monthly"monthly interest of 1.5% AER" mean that I will get a 1.5% interest every month?

Tweeted twitter.com/StackFinance/status/1017463795164295169
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Miss Understood
Miss Understood
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Does monthly interest of 1.5% mean that I will get a 1.5% interest every month?

I'll soon be 16 and I'm comparing a few high interest savings / current accounts and this one from Santander UK looks too good to be true, so I think I'm not understanding it right.

Santander 1-2-3 current account says that I get Monthly interest of 1.50% AER / 1.49% gross (variable) payable on your entire balance up to £20,000.

Monthly interest of 1.5%? Does that mean, if I have £10K in the account, I get £150 each month? that is way too much compared to the other banks so I'm wondering what I'm missing.