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Product Focus: High Monthly Interest Accounts

Product Focus: High Monthly Interest Accounts

Category: Savings

Updated: 26/06/2009
First Published: 26/06/2009

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 It is now over 6 months old so the content may be out of date.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 number of people rely on the interest earned on their savings to supplement their income. For most of these savers the option of monthly interest is vitally important to ensure they receive a regular income.

Birmingham Midshires – Telephone Extra

The Telephone Extra account from Birmingham Midshires pays 3.11 per cent for monthly interest, which includes a 2.65 per cent bonus for 12 months. Savers can invest up to £1 million in the account, with the initial deposit made by cheque. No notice is required for savers to access their money, but all withdrawals must be made via a nominated account.

Coventry Building Society – Poppy Save

The Coventry Building Society is currently offering a rate of 2.96 per cent on the monthly interest version of its Poppy Save account. The rate includes a 0.98 per cent bonus for 12 months and savers can invest between £1,000 and £250,000 into the account. No notice is required to make a withdrawal, but if savers make more than four withdrawals per annum then subsequent withdrawals will be subject to 50 days' loss of interest. The account also donates 0.25 per cent of the average balance held each year to the Royal British Legion Poppy Appeal.

Newcastle Building Society – Reward Saver Newcastle Building Society is offering a rate of 2.91 per cent, including a 1.00 per cent bonus for 12 months on the monthly interest version of its Reward Saver account. Savers can invest between £5,000 and £1 million into the account, but if access is required savers must give 120 days' notice or lose 120 days' interest for earlier access.

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 Any products featured may be withdrawn by their provider or changed at any time.