any ideas

charlie11

I am plannig on retiring soon and would like to know of the best 2 year fixed rate saving account where I can withdraw the interest
monthly.
Thanks

bigfreddiel

you could try google:

http://www.google.co.uk/search?q=best+fixed+rate+savings+account&ie=utf-8&oe=utf-8&meta=cr%3DcountryUK|countryGB

Ifts

charlie11 wrote: »

I am plannig on retiring soon and would like to know of the best 2 year fixed rate saving account

Compare Medium Term Fixed Rate Bonds:

http://moneyfacts.co.uk/compare/savings/fixed-rate/medium-term-bonds/

where I can withdraw the interest monthly.

Do you live off savings interest?

When using fixed rate savings, you won't usually get paid monthly interest. Therefore many who rely on interest earned from savings as an income stream don't fix, even though they're paying higher rates. Yet there's a workaround.

Here's an example (ignoring tax for ease of explanation)...
You've £100,000, and can get 5% in a year-long fixed account and 3% in an instant access account. You'd like roughly £5,000 of interest from these savings to supplement your income.

Put £95,000 in the fixed account, and £5,000 in the instant access. Then spend the instant access money over the year, knowing the £4,750 interest earned in the fixed account will make up for it. Then you're effectively getting the high rate and spending the interest.

This way you can grab the higher fixed rate accounts, but retain access to enough cash in the meantime.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Secure Trust Bank offer some competitive rates but no monthly interest (interest paid annually on the 31st December and at maturity into a nominated bank account):

http://www.securetrustbank.com/savings-accounts/our-savings-accounts-hassle-free-savings-accounts-and-fixed-bonds