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Saving Account - Monthly Interest

houmie
Posts: 224 Forumite


I am looking for a bank account that can fulfill this three bullet points:
- Monthly Interest rate payment
- No penalty for withdrawals
- Highest possible interest rate
Any suggestions?
Many Thanks,
- Monthly Interest rate payment
- No penalty for withdrawals
- Highest possible interest rate
Any suggestions?
Many Thanks,
0
Comments
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Abbey pay 5% up to £2500 balance if you switch to them and pay in £1000 per month.
Alliance & Leicester also do the same offer, but only require £500 per month.
Both are part of Santander."Click the pennies. Collect the pounds."0 -
Sorry I was referring to Saving Accounts.0
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Barclays do a monthly saver currently 6%
I understand you can make withdrawals but the rate drops to 3% for that month
CB0 -
I am looking for a bank account that can fulfill this three bullet points:
- Monthly Interest rate payment
- No penalty for withdrawals
- Highest possible interest rate
Any suggestions?
Many Thanks,
http://www.moneysupermarket.com/savings/compareresults.aspx?enquiryId=9872045
comes up with ING. But their 3% rate is variable and they will sneak them down over time.
You could stick some in a fixed rate bond (e.g. AA 3.75%) and some in ING.
Out of interest, why do you need monthly interest?0 -
am looking for a bank account that can fulfill this three bullet points:
- Monthly Interest rate payment
- No penalty for withdrawals
- Highest possible interest rate
depends on too many other factors. How old are you (over 60s accounts)? lump sum or drip feed your cash? How much do you have? (why) must it be a bank account? Branch/postal or internet management?........0 -
opinions4u wrote: »Would you like cream with that?
http://www.moneysupermarket.com/savings/compareresults.aspx?enquiryId=9872045
comes up with ING. But their 3% rate is variable and they will sneak them down over time.
You could stick some in a fixed rate bond (e.g. AA 3.75%) and some in ING.
Out of interest, why do you need monthly interest?
The reason why I need monthly interest is that I became redundant since 1st Feb and can't find a new job. I have 16K savings left. I need to get as much monthly interest back to survive a bit longer...I dont know whats going to happen, cant wait for annual saving return.
P.S. I used to have a kauthing account that got transfered to ING. ING sent me an email to login to my account before 9 March to activate my annual bonus. I didnt do it, since I never thought I need to invest in a non uk bank.
Since you worked in finance, do you know if I still could get the bonus (would I count as new customer)? I should have their login details they sent me....0 -
On £16k the maximum you're going to get per month is around the £40 mark, I'm afraid.0
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The reason why I need monthly interest is that I became redundant since 1st Feb and can't find a new job. I have 16K savings left. I need to get as much monthly interest back to survive a bit longer...I dont know whats going to happen, cant wait for annual saving return.
P.S. I used to have a kauthing account that got transfered to ING. ING sent me an email to login to my account before 9 March to activate my annual bonus. I didnt do it, since I never thought I need to invest in a non uk bank.
Since you worked in finance, do you know if I still could get the bonus (would I count as new customer)? I should have their login details they sent me....
Then work out what monthly interest would be (e.g. £40) and limit your withdrawals to this.
Much better to get 3% AER and annual interest than 2.5% AER where you take it monthly.
As for ING, I'd guess you will have the bonus, but log in anyway to make sure (as I don't know!).0 -
opinions4u wrote: »Search out the highest rate, regardless of monthly interest.
Then work out what monthly interest would be (e.g. £40) and limit your withdrawals to this.
Much better to get 3% AER and annual interest than 2.5% AER where you take it monthly.
As for ING, I'd guess you will have the bonus, but log in anyway to make sure (as I don't know!).
I am not sure if I understand this correctly. I have to transfer around 1000 quid every months from that saving to my current account to pay rent, food and else. In most of recent saving accounts I've seen the interest rate would drop the moment you withdraw anything, correct? In that case its not worth it i suppose.
but even if I found a 3% AER annual interest, I wont see any interest until 12 months. What if the 16K doesnt last 12 months? Just in worst case, if I stick to 1K a month I would have around 1.5 years obviously. I'm just thinking about the worst case, but maybe you are right, I should just go with annual in my case...
Thanks0
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