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Product focus: Online monthly interest accounts

Product focus: Online monthly interest accounts

Category: Savings

Updated: 11/05/2010
First Published: 11/05/2010

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 It is now over 6 months old so the content may be out of date.

Savings accounts that offer monthly interest are a popular choice, as they can be used to help supplement existing income. There are a wide range of products available, particularly for savers who prefer to operate their account online. Here is a selection of the current top online monthly interest accounts.

West Bromwich Building Society – WebSave Bonus

The WebSave Bonus account pays 2.81% including a 1.00% bonus until 28th February 2011. Savers can invest between £1,000 and £1 million. Must be new money to the institution. No notice is required to access funds and all withdrawals must be made by BACS to a nominated account. This account is available to savers aged 16 and over and can be operated online only.

ING Direct (UK) – Savings Account

This account pays 2.72% including a 2.22% bonus for twelve months. The gross rate is guaranteed to be fixed at 2.72% for twelve months. Investments range between £1 and £1 million. No advance notice is required to access funds and all withdrawals must be made via a nominated current account. The account is available to savers aged 18 and over and can be operated by both telephone and online.

Chelsea Building Society – eSaver Reward

The eSaver Reward account pays a rate of 2.57%. Savers can invest between £1 and £1 million. Funds can be accessed without advance notice and all withdrawals must be made via a nominated account. No interest is paid for the month in which the withdrawal was made or when the account was closed in, except during April when withdrawals are free. Savers must be aged 16 and over to operate this online only 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 Any products featured may be withdrawn by their provider or changed at any time.

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