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@sabin You literally just ignored everything I said. The fact you brought up the 4.3%, as if that disproves the 8% aer shows you don't know what it is. You're still ignoring the fact that you can put all £2400 into a 5% account, then transfer from that into the 8% account. THEY'RE NOT PAYING...

@sabin I don't think you know what AER is. The annual equivalent rate exists as a measure of how much interest you'd gain over a year of compounding. This is used, as all sorts of different savings and investment vehicles have different time frames, with different fees and different calculation...

@sabin Obviously, you don't earn interest on money that isn't in the account, that's painfully obvious. None of this changes that you are earning 8% AER on every single penny in the account, the entire time it's in there.

@sabin This account is literally useful to everyone. Even if you have £100k in savings, you'll still be better off using a regular saver AS WELL as your normal savings account. Because 8% > 5%. The interest is calculated daily, not annually. So you earn 0.021% every day for the regular saver...

@sabin It is 8% aer. That doesn't change, whether you have the rate for 1 month or 100 years.