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Product Focus: Monthly Interest Accounts

Product Focus: Monthly Interest Accounts

Category: Savings

Updated: 25/01/2010
First Published: 17/07/2009

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 It is now over 6 months old so the content may be out of date.

If you rely on the interest from your savings to supplement your income then the option of monthly interest when selecting a new account is high on your list of priorities. Moneyfacts figures show that only 30 per cent of all variable rate accounts offer this option, making it even harder to find a suitable account in this low interest rate environment.

Coventry Building Society – 1st Class Postal

The monthly option of the 1st Class Postal account from Coventry Building Society currently pays 3.25 per cent, including a 1.29 per cent bonus for 12 months. Savers can invest between £1,000 and £250,000 into the postal based account. No notice is required to access funds, but savers can only make four penalty free withdrawals per annum, after which subsequent withdrawals are subject to 50 days' loss of interest.

Ulster Bank – eSavings Plus

The eSavings Plus account from Ulster Bank is currently paying 3.21 per cent, including a 0.50 per cent bonus for six months. Savers can invest up to £100,000 into the account, which is operated online or by telephone. No notice is required to make a withdrawal, but no interest will be payable, other than the bonus if applicable, in the month a withdrawal is made.

Birmingham Midshires – Telephone Extra

The Telephone Extra account from Birmingham Midshires offer savers looking for monthly interest a rate of 3.11 per cent, including a 2.65 per cent bonus for 12 months. Savers can invest up to £1million into the telephone based account, with the initial deposit being paid by cheque. No notice is required to make a withdrawal, but all money must be transferred into a nominated account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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