+0  
 
+1
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1
avatar+79 

Really need help!

Option 1 or 2? Its a simple question but my brain isn't working so I can't figure it out :(

 

The Question:

If I have $60,000 in savings currently nd plan to save $1,000 per fortnight, which is the best account for me?

 

 

Option 1:

My current savings account is a special savings account. It has a basic interest rate of 0. 1% but if you deposit more than $1,000 in a month and have no withdrawals, then you get bonus interest of 1.8 5% for a total of 1.95% p.a. (Interest is calculated daily.) 

 

Option 2:

The bank just emailed me asking if I am interested in a new BONUS SAVER Account that they are trialing to special customers. It has a bonus rate of 2.5% p.a. on all new deposits for the first 4 months and then the interest rate drops down to 1.0% p.a.

However, all interest on new deposits will still be at the BONUS RATE of 2.5% (for 4 months).

 May 5, 2020
 #1
avatar+79 
+1

I only need the answer but the working out to help me understand it would be amazing as well <3

 May 5, 2020

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