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Isas 2014/2015
Alice_45
Posts: 1 Newbie
Which banks pay monthly interest on their ISAS?
0
Comments
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First Direct do. Particularly worth a look if you have previous years to transfer in, as there is a tiered interest rate which reaches the dizzy heights of 2% for £40K+ deposits. It is instant access too.0
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Not aware of any* but two sources of information on cash ISAs are:
http://www.moneysavingexpert.com/savings/best-cash-isa
https://forums.moneysavingexpert.com/discussion/401374
Generally there isn't much appetite on here for cash ISAs because of the pitifully low rates, so most recommend using interest-paying (3/4/5%) current accounts for the short term and/or S&S ISAs for the long term.
Your question about monthly interest would seem to imply you're more interested in the short term, what are your aims?
* until I read the post above0 -
Assuming you are asking this question since you want to draw a monthly income: I don't know which ISAs do but you would with almost guaranteed certainty make more money if you withdrew, say, £1,200 from your ISA and put it into a TSB Plus current account. You can then withdraw £100 each month, and still receive higher interest on the declining £1,200 than you would receive in an ISA.
In order to earn interest, you must deposit £500 a month into the TSB Plus. This can be achieved by simply shuttling that amount between your current accounts.
If this sounds too complicated, just work out your annual ISA interest, divide it by 12, and withdraw a twelfth each month from your ISA. That won't be exactly the same as monthly interest, but it will near enough be the same.0
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