Best Monthly Interest rate

clingwood

Hi all
Please can you all give me idea's for the best bank/savings account that would give me a monthly interest rate. I can't go with ING because I stopped using them in May and have to wait a whole 6 months. And thanks to you lovely people I have 3 Lloyds Vantage Accounts. But I'm about to come into some money, I'll need instant access but monthly interest.
Thanks to everyone.

rb10

Why on earth do you need the interest to be paid monthly??

If you need the interest as an income, then if it's an instant access account, you could just withdraw an amount equal to the interest that you've earnt during that month. Then all the interest will be paid together at the end of the year, which will bring your balance up to the level that you started at.

Or, possibly you are falling into the (fairly common) trap of not realising how interest is calculated. Interest accrues on an account daily, so if you have £10,000 in an account paying annual interest for six months, then you get six months' worth of interest, exactly the same as if you had it in an account paying interest monthly. So even if you need to withdraw the money after a shorter period than one year, both options give the same result.

The best instant access account pays interest annually, and is the Internet Extra account from the AA (https://www.theaa.com/savings). Very quick and easy to set up, and easy to operate as well. Accepts faster payments in, but not out.