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Product focus: Monthly interest internet accounts

Product focus: Monthly interest internet accounts

Category: Savings

Updated: 20/04/2010
First Published: 20/04/2010

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 It is now over 6 months old so the content may be out of date.

Some savers prefer to have their interest paid to them on a monthly basis. Although rates for these savings accounts tend to be slightly lower than those paying interest annually, they can be a good way to help supplement income. Here are the current top three online savings accounts offering monthly interest.

ING Direct (UK) – Savings Account


This account pays 2.72pc including a bonus of 2.22pc for twelve months, for new customers only. The gross rate is guaranteed to be fixed at 2.72pc for twelve months. Investments range between £1 and £1m. No advance notice is required to access funds and all withdrawals must be made through a nominated account. The account can be operated by telephone as well as online and is available to savers aged 18 and over.

Melton Mowbray Building Society – Online 30 Day Notice


This account pays 2.55pc. Savers can invest between £1,000 and £250,000. As the name suggests, 30 days notice is required to access funds although early access is allowed subject to 30 days' loss of interest. Withdrawals are limited to £10,000 a day. The account is available to savers aged 16 and over.

Aldermore – 45 Day Notice


Aldermore's 45 Day Notice account pays 2.51pc. The AER is guaranteed to be at least 0.50pc above bank base rate until 1st June 2011. Savers can invest between £1,000 and £1m. 45 days notice is required to access funds and no early access is allowed. All withdrawals must be made via a nominated account. The account is available to savers aged 18 and over and can be operated by post and telephone as well as online.

Find the best savings accounts for you - Compare online 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 Any products featured may be withdrawn by their provider or changed at any time.

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