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6 of the best monthly interest savings accounts

6 of the best monthly interest savings accounts

Category: Savings

Updated: 16/01/2018
First Published: 04/01/2018

Monthly interest savings accounts pay interest on your savings each month - as opposed to yearly - and can therefore let you take a regular income from your hard-earned cash.

They can be ideal if you've got a significant savings pot as they allow you to earn a decent amount of interest while keeping your cash out of arm's reach, and they're particularly popular among retirees, who can use the money they've saved up over the years to help supplement their income.

However, these savers are also particularly vulnerable to low interest rates, which is why it's so important to find the right account. If you rely on your savings for an income boost, you really need to maximise the amount you're getting, and that all comes down to securing the best savings rate.

So, with that in mind, we've compiled the top six accounts that pay interest monthly to help you get more from your money.

AER
Details

Milestone Savings

Milestone Savings

95 Day Notice Account

1.52% AER
  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed
  • Unlimited withdrawals permitted subject to 95 days' notice
  • Access via nominated account
  • Internet-operated
  • Sharia'a compliant account
  • Interest must be paid away

In first place is this 95-day notice deal from Milestone Savings, a Sharia'a compliant account that pays an expected profit rate of 1.52% AER (1.51% gross). This internet-operated account requires a minimum investment of £1,000, with further additions and withdrawals both permitted, the latter only if the full notice period is served.


AER
Details

Paragon Bank

Paragon Bank

120 Day Notice (Issue 7)

1.45% AER

  • Variable rate account
  • £500 minimum deposit
  • Further additions allowed
  • Withdrawals permitted subject to 120 days' notice
  • Access via nominated account
  • Internet-operated

Securing second place is this 120-day notice deal from Paragon Bank that pays 1.45% AER (1.44% gross) on a monthly basis from an initial deposit of £500. Savers can make further additions at any time, and can request unlimited withdrawals, provided the notice period is observed.


AER
Details

Wyelands Bank

Wyelands Bank

95 Day Notice AccountGo to Site

1.40% AER

  • Variable rate account
  • £5,000 minimum deposit
  • Further additions allowed
  • Unlimited withdrawals permitted subject to 95 days' notice
  • Access via nominated current account
  • Internet-operated
  • Interest must be compounded

Completing the top three is Wyelands Bank, a relative newcomer to the savings market. It offers a 95-day notice account that pays 1.40% AER on a monthly basis (1.39% gross) from a minimum investment of £5,000, and although it allows unlimited additions and withdrawals, earlier access won't be possible.


AER
Details

OakNorth Bank

OakNorth Bank

120 Day Notice Deposit

1.36% AER

  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed
  • Withdrawals permitted subject to 120 days' notice (minimum £1,000)
  • Account must be opened and operated online
  • Access via nominated current account

Next up is this internet-operated deal from OakNorth Bank. Paying a rate of 1.36% on a minimum investment of £1,000, savers can make further additions at will and are permitted unlimited withdrawals, as long as the required notice period is given and at least £1,000 is withdrawn.


AER
Details

Kent Reliance

Kent Reliance

60 Day Notice - Issue 19

1.35% AER

  • Variable rate account
  • £1,000 minimum deposit
  • Further additions allowed via cash at branch, cheque, bank transfer and debit card
  • Withdrawals permitted subject to 60 days' notice
  • Earlier access only on the loss of 60 days' interest
  • Account can be opened and operated in branch and by post (must be at least 18 years old to open and operate account online)
  • Access via nominated current account

Kent Reliance takes fifth place and is the only account to offer early access to funds (provided you're willing to lose 60 days' interest). This 60-day notice deal pays 1.35% AER (1.34% gross) on a monthly basis and requires a minimum investment of £1,000. Savers can make further additions at will. This account offers not just the most flexible access, but also the least amount of notice among this top six, which could make it an attractive choice.


AER
Details

OakNorth Bank

OakNorth Bank

90 Day Notice Deposit

1.32% AER

  • Variable rate account
  • £1,000 minimum deposit
  • Further additions at any time
  • Withdrawals of at least £1,000 allowed subject to 90 days' notice
  • Internet-operated
  • Interest must be compounded
  • Access via nominated current account

Just squeezing into the top six is this account from OakNorth Bank; it pays 1.32% AER on a monthly basis from an initial investment of £1,000 and allows further additions at will, together with unlimited withdrawals provided 90 days' notice is given.

Information & Rates correct as at: 03.01.2018

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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