How does my bank account interest work?

Hello there!

I am considering opening a Mini Cash ISA with HSBC UK. If I placed £1000 in this account, how much would I receive monthly? How does interest work, in other words?

The account information is below, and if anyone fancies explaining what each part means, that would be great… I only have a very basic understanding (for example, what is Net %, Gross %, AER?).

Cash Mini ISA
Monthly Interest Paid Tax-Free
Effective Date: 03.08.07
Net %: Tax free
Gross %: 4.89
AER %: 5.00

How much interest would be paid monthly/yearly on £1000?

Thanks! This information is available also on the HSBC website: http://www.hsbc.co.uk/1/2/interest-rates/savings-investments

Rich