What is AER?
AER stands for Annual Equivalent Rate and represents how much interest you'd earn on an amount of money held in an account (like a Savings Vault) for an entire year, taking into account compound interest (the interest earned on interest). The AER allows you to compare the interest rates of different accounts regardless of when and how they pay interest.
For example, if you deposited £10,000 into savings vaults with an AER of 0.7%, this would mean you would have £10,000.38 on day 3 earning interest on interest).
Day 1: £10,000
Day 2: £10,000 + (£10,000 X 0.7%/365) = £10,000.19
Day 3: £10,000.19 + (£10,000.19 X 0.7%/365) = £10,000.38
Using Savings Vaults
- How do I add money to a Savings Vault?
- How do I withdraw money from my Savings Vault?
- How do I close a Savings Vault?
- Can I create a Savings Vault for a group?
- Can I convert an existing Personal Vault into a Savings Vault?
- Where can I find the terms & conditions for my Savings Vaults?
- Can I have a GBPSavings Vault and Personal Vault with no interest at the same time?
- Revolut is offering new savings rates through a new partner bank, how can my Savings Vault benefit from these?
- I already have an existing Savings Vault, can I open another to benefit from the new rate?
- How can I compare our Savings Vault offerings?