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Product Focus: Monthly Interest Accounts

Product Focus: Monthly Interest Accounts

Category: Savings

Updated: 25/01/2010
First Published: 17/08/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many savers prefer to invest their funds in accounts offering monthly interest. With an increasing number of consumers relying on savings to supplement their income, more providers are offering a range of deals to help savers. Here is a snapshot of the best accounts currently available.

Buckinghamshire Building Society – Chiltern Gold Income Generator

This account pays a variable rate of 2.80pc. Savers can invest between £10,000 and £50,000. Early access is permitted, although this is subject to 180 days loss of interest. There is no minimum age for savers, and the account can be operated in branch, by telephone and post. There are no restrictions on the number of withdrawals allowed.

West Bromwich Building Society – No Notice Saver Direct

This account pays a rate of 2.76pc, while the yearly interest option pays 2.80pc. Investments range from £1,000 to £1m. No Notice is required to access funds, although only three withdrawals by BACS are permitted a year. On the fourth withdrawal, the saver will receive a rate of 0.05pc until 1st May the following year, when a new year begins.

Aldermore – 45 Day Notice

This account pays a rate of 2.51pc. Savers can invest from between £1,000 to £1m. As the account name suggests, forty five days notice is required to access funds, while early access is not permitted. All withdrawals must be made via a nominated account. Account holders must be aged 18 or over. AER is guaranteed to be at least 0.50pc above bank base rate until 1st June 2011.

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 Any products featured may be withdrawn by their provider or changed at any time.