Regular monthy return on savings

Brianhelpingmum

Hi
This is my first post. Can anyone recommend a good deal?
My mum who is 70 has £10k in savings. She would like to withdraw the interest monthly as she just has a small pension and a little pension from her late husband.
She is gettting about 4.5% from the Halifax currently.
Does anyone know of better rates or would she be better not withdrawing monthly interest? thanks

isofa

Obviously if you let the interest accumulate you'll end up with more over time, but if your Mum needs it to live on, then needs must!

Your could get around 6.5% with an internet instant access account, (and you'd want a monthly interest option for clarifty) but you'd need to set it up and withdraw the interest monthly to wherever required, you'd be getting roughly £50 interest a month from it.

If you didn't touch the interest a year, the 10K would be worth £10650 in 12 months and so on.

Have a look at the best accounts listed a Moneyfacts.

chinbergs

Kaupthing Edge pays 6.55% and it pays interest out monthly - you can easily set it up so the interest gets paid automatically into the current account that the savings account has been linked with.