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Product focus: Monthly interest accounts

Product focus: Monthly interest accounts

Category: Savings

Updated: 25/01/2010
First Published: 14/09/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

With a growing number of savers finding themselves reliant on funds to supplement their income, providers are offering a range of deals designed to help, such as monthly interest accounts. Here is a snapshot of the best accounts currently available.

First Save – 90 Day Notice

This deal pays a variable rate of 3.20pc. The annual equivalent rate is guaranteed to be at least 0.25pc above bank base rate until 1st January 2010 and at least equal to bank base rate until 1st January 2012. Investments range from £5,000 to £2m. As the name suggests, savers must give 90 days notice before accessing funds. Earlier access is allowed, although savers will incur 90 days loss of interest. Withdrawals are allowed via a nominated account. The account can be operated online only and savers must be aged 18 or over.

Chelsea Building Society – Call Direct 120

This account pays a variable rate of 3.10pc. The rate is guaranteed to be at least 0.75pc above bank base rate until 8th March 2011. Monthly interest option is available paying a rate of 3.06pc. Savers can invest between £1 and £500,000 and must give 120 days notice before accessing funds. Early access is allowed, although this is subject to 120 days loss of interest. After 9th March 2011, no notice is required to access funds and savers will not incur any charges or penalties. The account can be operated in branch or by telephone by savers aged 18 or over.

Chesham Building Society – Reserve 120

This account pays a variable rate of 2.85pc on the last day of each month. Investments range from £5,000 to £400,000 and savers must give 120 days notice to access funds. Early access is allowed, although this is subject to 120 days loss of interest. Further additions are allowed. The account can be operated in branch or by post and savers must be aged 18 or over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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