Demo rate card4.40% AER / gross p.a. (fixed)
The pound values and percentages on this page are invented AcornBank product terms, chosen for a realistic bank-style example. They are not current market offers, an invitation to deposit or invest money or a forecast of what a real bank will pay.
| Product detail | Demo terms |
|---|---|
| Account type | 1-year fixed-rate savings account |
| Rate, reward or charge | 4.40% AER / gross p.a. (fixed) |
| Opening / maximum balance | £500.00 to £100,000.00 |
| Access | No top-ups; early closure allowed in the model with a 90-day interest deduction; otherwise principal and interest at maturity |
| Eligibility in the scenario | One adult aged 18 or over with a single opening deposit |
| Fees | No model account fee |
| Currency | GBP (£), used solely for fictional calculations |
Try your own numbers
Change the amounts to see what Oak Ledger Fixed Saver would do in the story. Fictional figures, no application, no advice.
- Interest in the first year
- £440.00Credited yearly and re-invested
- Extra earned by compounding
- £202.30£2,200.00 is what paying the interest out would earn over the same term.
- That is per month, roughly
- £36.67First-year interest spread over twelve months.
- Cost of closing early
- £108.4990 days’ interest, never more than the interest earned.
Year by year, interest re-invested
| Year | Interest that year | Balance | Total interest |
|---|---|---|---|
| 1 | £440.00 | £10,440.00 | £440.00 |
| 2 | £459.36 | £10,899.36 | £899.36 |
| 3 | £479.57 | £11,378.93 | £1,378.93 |
| 4 | £500.67 | £11,879.60 | £1,879.60 |
| 5 | £522.70 | £12,402.30 | £2,402.30 |
What could your balance look like after 12 months?
| Opening deposit | Demo AER | Interest earned | Closing balance |
|---|---|---|---|
| £1,000.00 | 4.40% | £44.00 | £1,044.00 |
| £5,000.00 | 4.40% | £220.00 | £5,220.00 |
| £10,000.00 | 4.40% | £440.00 | £10,440.00 |
| £25,000.00 | 4.40% | £1,100.00 | £26,100.00 |
| £50,000.00 | 4.40% | £2,200.00 | £52,200.00 |
| £100,000.00 | 4.40% | £4,400.00 | £104,400.00 |
Assumptions: one opening deposit, no additions or withdrawals, no fees or tax, and the stated rate for the whole period. Interest is credited once at each anniversary and rounded to the nearest penny, with half-pennies rounded up. AER and gross p.a. match in this annual-credit model.
The projection stops at 12-month maturity. No rate is promised beyond that date. Reinvestment would require a new fictional product and new terms.
Closing a £10,000.00 deposit early
| Closed after | Interest accrued | 90-day deduction | Interest paid | Amount returned |
|---|---|---|---|---|
| 3 months | £109.70 | £108.49 | £1.21 | £10,001.21 |
| 6 months | £220.60 | £108.49 | £112.11 | £10,112.11 |
| 9 months | £330.30 | £108.49 | £221.81 | £10,221.81 |
Early closure costs 90 days’ interest in the model, calculated on the deposit at the fixed rate using simple daily accrual. The deduction never exceeds the interest earned, so closing very early returns the deposit with no interest rather than less than the deposit.
Oak Ledger Fixed Saver is 1-year fixed-rate savings account in the Savings range, used for a known spending date one year away, with an emergency exit. Its live rate card, summary and worked tables sit above this text and update whenever the product record changes.
Adding money to the example
For savings, a deposit increases the principal from the time it arrives; it does not earn a full year of interest if it arrives halfway through the year. A fixed product accepts its single opening deposit only, and an ISA wrapper counts new money against the demo annual allowance. For investments, each contribution buys units at that month’s value. For borrowing products, paying money in is a repayment that reduces debt, not a savings deposit.
See the whole Savings range or compare every product on the rates page.
What the example does not promise
All figures are invented and shown to make the demo useful to read and crawl. No money is held, no application is available, and no deposit-protection, regulatory or tax-wrapper status is claimed. Calculations do not account for personal tax, inflation or unstated changes in rates. The fictional bank manager can guarantee only that the next paragraph contains no real acorns.
Related reading
- This Is a Fictional Bank — No Real Banking Here
- Site Map — Every Branch of AcornBank
- Rates — Savings, Borrowing and Rewards
- Help — Unruffle Your Tail
- Savings — Pots, Bonds and Notice Hollows
- Oak Ledger Fixed Saver — Your First Imaginary Acorn
- Oak Ledger Fixed Saver — Fetching Your Fictional Stash
AcornBank: entirely fictional banking, exceptionally committed squirrels.