6 of the best monthly interest savings accounts - Savings - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

6 of the best monthly interest savings accounts

6 of the best monthly interest savings accounts

Category: Savings

Updated: 28/09/2017
First Published: 28/09/2017

Monthly interest savings accounts pay interest on your savings each month - as opposed to yearly – and can therefore let you 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 low interest rates, which is why it's so important to find the right account. If you rely on your savings for an income boost, you really need to maximise the amount you're getting, and that all comes down to securing the best savings 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

Charter Savings Bank

95 Day Notice Issue 16

1.60% 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

Comfortably taking the top spot is this internet-operated deal from Charter Savings Bank. Paying a market-leading 1.60% AER (1.59% 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

Milestone Savings

Milestone Savings

95 Day Notice Account

1.52% AER

  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed
  • Unlimited withdrawals permitted subject to 95 days' notice
  • Access via nominated account
  • Internet operated
  • Sharia'a compliant account
  • Sharia'a compliant account

In second place is this 95-day notice deal from Milestone Savings, a Sharia'a compliant account that pays an expected profit rate of 1.52% AER (1.51% gross). This internet-operated account requires a minimum investment of £1,000, with further additions and withdrawals both permitted, the latter only if the full notice period is served.

AER
Details

Paragon Bank

Paragon Bank

120 Day Notice (Issue 7)

1.45% AER
  • Variable rate account
  • £500 minimum deposit
  • Further additions allowed
  • Withdrawals permitted subject to 120 days' notice
  • No earlier access
  • Account must be opened and operated online
  • Access via nominated account

Securing a place in the top three is this 120-day notice deal from Paragon Bank that pays 1.45% AER (1.44% gross) on a monthly basis from an initial deposit of £500. Savers can make further additions at any time, and can request unlimited withdrawals, provided the notice period is observed.


AER
Details

Wyelands Bank

Wyelands Bank

95 Day Notice Account
Go to Site

1.40% AER

  • Variable rate account
  • £5,000 minimum deposit
  • Further additions allowed
  • Unlimited withdrawals permitted subject to 95 days' notice
  • No earlier access
  • Must be opened online, but can then be managed by phone as well
  • Interest must be compounded
  • Access via nominated current account

Next up is this deal from Wyelands Bank, a relative newcomer to the savings market that's certainly making itself known. It's a 95-day notice deal that pays 1.40% AER on a monthly basis (1.39% gross) from a minimum investment of £5,000, and although it allows unlimited additions and withdrawals, earlier access won't be possible.


AER
Details

Charter Savings

Charter Savings Bank

60 Day Notice Issue 6

1.35% 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 its 60-day notice deal that pays 1.35% AER (1.34% gross) on a monthly basis. It requires a minimum investment of £1,000 and savers can make further additions at will, while withdrawals are welcome provided the notice period is observed – and on the plus side, its notice period is shorter than any other in this overview, with just 60 days needing to be served.


AER
Details

OakNorth Bank

OakNorth Bank

90 Day Notice Deposit

1.32% AER

  • Variable rate account
  • £1,000 minimum deposit
  • Further additions at any time
  • Withdrawals of at least £1,000 allowed subject to 90 days' notice
  • No earlier access
  • Internet-operated account
  • Interest must be compounded

Just squeezing into the top six is this account from OakNorth Bank; it pays 1.32% AER on a monthly basis from an initial investment of £1,000 and allows further additions at will, together with unlimited withdrawals, provided 90 days' notice is always given.

Information & Rates correct as at: 28/09/2017

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.

Close