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Product Focus: Monthly Interest Accounts

Product Focus: Monthly Interest Accounts

Category: Savings

Updated: 25/01/2010
First Published: 06/08/2009

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 It is now over 6 months old so the content may be out of date.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 an increasing number of people relying on savings to supplement their income, accounts offering a monthly interest option are gaining popularity.

lthough only a limited number of accounts offer monthly interest, there are still some fairly good deals available.

Citibank – Flexible Saver Issue 5

This deal, available to new customers only, pays a rate of 3.06 per cent including a bonus of 2.06 per cent for 12 months. Interest is paid each month on the day the account was opened. Savers can invest between £1 to £1m and can access funds instantly using a cashcard. Account holders must be aged 18 or over.

Lloyds TSB – Incentive Saver

Lloyds TSB's monthly interest account pays a rate of 3.00 per cent. After the 12 month fixed period, the account will mature to the Easy Saver deal, which at present pays a rate of 1.60 per cent with a bonus of 1.50 per cent. No notice is required to access funds, although no interest will be paid for the month of the withdrawal. Account holders must open or have an existing Lloyds TSB account and withdrawals must be made via a Lloyds TSB account.

ING Direct (UK) – Savings Account

New customers will receive a fixed rate for twelve months of 2.96 per cent, which includes a bonus of 2.46 per cent. Investments range from £1 to £1 million. No notice is required to access funds. This account can be operated by telephone or the internet and customers can pay in cheques by post. All withdrawals must be made via a nominated account. Gross rate is guaranteed to be fixed at 2.96 per cent for 12 months.

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 Any products featured may be withdrawn by their provider or changed at any time.

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