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Product focus: Monthly interest accounts

Product focus: Monthly interest accounts

Category: Savings

Updated: 31/08/2010
First Published: 31/08/2010

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 It is now over 6 months old so the content may be out of date.

A growing number of savers are choosing monthly interest accounts, mainly as a way to help supplement income.

There are a variety of monthly interest products available in the market. Here is a selection of the current best which can be operated online only and offer an introductory bonus.

Post Office – Online Saver

Post Office's latest online only account pays 2.72% including a bonus of 1.23% for twelve months. Savers can invest between £1 and £2 million. No notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated by savers aged 18 and over.

Santander – eSaver Issue 2

This account pays a rate of 2.72% including a bonus of 2.23% variable for twelve months. Savers can invest between £1 and £2 million. Funds can be accessed instantly, although there is a daily cash machine withdrawal limit of £300. The account is available to savers aged 16 and over and can be operated online only.

SAGA – SAGA Internet Saver

SAGA's Internet Saver account, available to savers aged 50 and over, pays a monthly rate of 2.72% including a 1.00% bonus for twelve months. Investments range between £1 and £1 million. Savers do not need to give advance notice to access funds, although all withdrawals must be made via a nominated account.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

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