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6 of the best monthly interest savings accounts

6 of the best monthly interest savings accounts

Category: Savings

Updated: 26/01/2017
First Published: 25/01/2017

Monthly interest savings accounts pay interest on your savings each month - as opposed to yearly - and therefore allow you to take a regular income from your hard-earned cash.

They can be ideal if you've got a significant savings pot as they allow you to earn a decent amount of interest while keeping your cash out of arm's reach, and they're particularly popular among retirees, who can use the money they've saved up over the years to help supplement their income.

However, these savers are also particularly vulnerable to falling interest rates, which is why it's so important to find the right account. If you rely on your savings for that kind of income boost you really need to maximise the amount you're getting, and that all comes down to securing the best rate.

So, with that in mind, we've compiled the top six accounts that pay interest monthly to help you get more from your money.


AER Details

Charter Savings Bank
95 Day Notice Issue 14
1.05% AER
  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed
  • Withdrawals permitted subject to 95 days' notice
  • No earlier access
  • Account must be opened and operated online
  • Access via nominated current account

Comfortably taking the top spot is this internet-operated deal from Charter Savings Bank. Paying 1.05% AER (1.04% gross) on a minimum investment of £1,000, savers can make further additions at will and are permitted unlimited withdrawals, subject to the required notice period being given.


AER Details

RCI Bank UK
Freedom Savings Account
1.02% AER
  • Variable rate account
  • £100 minimum deposit
  • Further additions allowed via nominated current account
  • Unlimited withdrawals permitted with no notice required
  • Must be opened online, but can then be managed by phone and post as well
  • Access via nominated account

In second place is this deal from RCI Bank UK, a restriction-free account that also pays 1.02% AER on a monthly basis from a minimum investment of £100. It doesn't ask you to give notice to access your cash, with unlimited withdrawals and further additions welcome whenever you wish (up to the £1m maximum investment).


AER Details

Post Office Money
Online Saver Issue 23
1.01% AER
  • Variable rate account
  • Rate includes 0.75% bonus for 12 months
  • £1 minimum deposit
  • Further additions allowed
  • Withdrawals permitted at any time (via nominated current account) with no notice required
  • Internet-operated account

This internet-operateds account from Post Office Money secures a top-three spot by paying 1.01% AER (1.00% gross) from a minimum investment of just £1. Further additions and unlimited withdrawals are welcome, with no notice required to access your funds. However, it should be noted that this account comes with a 12-month bonus, which means the rate will needto be re-evaluated in a year's time.


AER Details

Charter Savings Bank
60 Day Notice Issue 4
1.01% AER
  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed
  • Withdrawals permitted subject to 60 days' notice
  • No earlier access
  • Account must be opened and operated online
  • Access via nominated current account

Charter Savings Bank has secured a second account in the charts, this time with the 60-day version of its notice account, which pays 1.01% AER on a monthly basis from an initial deposit of £1,000. Savers can benefit from the flexibility of making further additions at their leisure, and withdrawals are also permitted, provided the notice period is always observed.


AER Details

ICICI Bank UK
SuperSaver Savings Account
1.00% AER
  • Variable rate account
  • £1 minimum deposit
  • Further additions allowed
  • Unlimited withdrawals permitted via a linked ICICI Bank current account
  • No notice required
  • Account must be opened in branch and can then also be managed by phone, online and mobile app
  • Access via nominated current account

Securing a place in the top five is this deal from ICICI Bank UK, a no notice account that pays 1.01% AER from a minimum investment of just £1. It boasts plenty of flexibility as well as unlimited, penalty-free withdrawals, with the only caveat being that the saver must have or open a linked ICICI Bank current account for transactions.


AER Details

NS&I
Income Bonds
1.00% AER
  • Variable rate account
  • £500 minimum deposit
  • Further additions and withdrawls permitted at any time (min £500 withdrawal)
  • Account can be opened and operated online, by post or over the phone

Just squeezing into the top-six is this simple, straightforward account from NS&I: it pays 1.00% AER on a monthly basis from an initial investment of £500, and it allows further additions and withdrawals at will, offering an easy access deal with monthly income benefits.

Information & Rates correct as at: 24.01.2017

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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