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Answer - Bank A

5000/100 = 50
50x2 = 100
Bank A gives £100 in interest in the 1st 6 months.
5100/100 = 51 x 2 = 102
And gives £102 in the next 6 months.
for a total of £202 in the first year.
Bank A has compound interest.

5000/100 = 50
50x3.15 = 157.5
Bank B gives £157.5 a year in interest

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Decision:  Bank A

Show Working:

Bank A: 2% Savings every 6 Months.

So:

1st 6 Months  = £5000 * 0.02 = £100 so £5100

2nd 6 Months = £5100 * 0.02 = £102 = £5202

Annual Totals:

Interest Accrued = £202

End of year figure including interest: £5202

Bank B: £5000 x 0.0315 = £157.5

Explanation and Support Calculations:

Bank A gives a better return on investment of £202 per year, vs the £157.5 from Bank B

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(Ed) A.
2% x 5000 = 10,000 divide by 100 = 100

100 X 6 (Months) 600 + Original 2%(100)
=700

B.
3.15% x 5000 = 15,750 divide by 100 = 157.5

Bank A would be the best option due to saving more money throughout the year than Bank B

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(Ed)
£7.67 x 8 = £63.36
6.5% x £61.36 = £3.9884 (£3.99)
£61.36 - £3.9884 (£3.99) = £57.316 (£57.37)