Does H'fax guaranteed saver A/C pay monthly %?

buel

Hi, a friend has asked me about earning interest on his cash, i advised the Santander (5%) account (up to £2500), the Halifax ISA (3%) (he has a reward account) and the TSB Vantage account that pays up to 4% on between £5000+£7000 (Santander+TSB both can be funded by the £1000 needed via a quickie bank transfer online to trigger the interest payment) My question is

buel

...so, as a comparison, i have shown him the best deal in the 'High Street', according Money Mail, which is the Halifax Guaranteed Saver Reward account, which only pays 2% (1.6) but what i want to know is does this pay interest monthly?

rb10

No, annual only.

Remember that even with an account paying annual interest, you always get the interest for the time that the money is in the account. So if you close it after 6 months, you get 6 months' worth of interest.

buel

Thanks for that! So not only do the accounts i've mentioned pay more interest but they have the advantage of paying interest monthly too?
Please can anyone tell me why they aren't recommended in the usual comparison tables? Is it because of the fact that they need to be 'funded' per month?

Old_Wrinkly

One reason is because the comparison sites like to categorise everything.
Give someone a data field called 'type of account' and they will want to fill it in.
So you have 'savings' accounts (often sub-categorised), 'ISA' accounts and 'current' accounts.
I don't think current accounts are ever compared with savings accounts, irrespective of whether they need monthly funding (which of course 'regular savings' accounts also usually do).

buel

Thank you for that!!