What's the best saving account that pays monthly interest?

billytruffin

As per my previous post that was moved -



Hi everyone,

can anyone help me out with a few saving account questions I have - I know there are some knowledge people on here and have seen some good advice in the past.

[STRIKE]What is the best ISA about at the moment, I'm looking to max out the cash and shares allowance for this year, doesn't need to be instant access or anything - just looking for the best rate.[/STRIKE]

Also the best saving account with a monthly interest option if possible (looking to put about 100K in there so compound interest will make a big difference).

I'm also planning to take advantage of some regular savers accounts and 'drip feed' some cash in to take advantage of the rate - I heard barclays have a good one at the moment any others around?

Overall looking to make the best use of £150K in savings accounts - achieving the best interest rate as possible - using another 50K for some higher and medium risk stuff.

Any advice much appreciated!


Regards

James

Macce

ICICI Bank Instant access savings 6.05%. Pay monthly interest too

ManAtHome

If you're taking advantage of compounding, you don't need a monthly interest option. Most accounts allow for this in their rates so you get the same AER on annual and monthly options.

Most calculate interest daily - the monthly/annual option is just when they add it to the account. Monthly is useful if you are withdrawing the interest for income.

nilrem_2

Some of the Fixed rates that pay monthly are good ATM, for example Birmingham Midshires are offering 6.06% (4.85% after tax @ 20%) Chelsea are 6.03% (4.82% after tax @ 20%).

I like monthly interest myself having it paid into my bank account for useful spending money which can be invested into another account such as Icesave if not needed for spending.