For example, if you put in £1,000.00 when you open the account, the balance after 12 months will be £1,010.00.
If you put in £2,000.00 when you open the account, the balance after 12 months will be £2,010.10.
This assumes that:
- you don’t take any money or interest out of the account
- the interest rate stays the same
- you put money in the day you open the account and don't add more money after that.
If you have more than £1,000 in your account, you’ll get two different interest rates on your balance, the higher rate applies to everything up to £1,000 and the lower rate to everything over £1,000.