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Monthly Interest
paganmanwales
Posts: 17 Forumite
with £20000 in a savings account, would it be better to have the interest paid monthly and then save that to a regular savings account, rather than have th interest paid annually?
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Comments
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if it's paid monthly and left in a savings account then it will compound.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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It would depend on the difference in interest rate between the account with the £20k and the Regular Saver.
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If the interest rate on both accounts is the same it makes no difference otherwise it is the one paying the higher rate. Compounding makes no difference.0
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The regular saver is paying a better rate so it looks like transferring the interest to it would be a good move.0
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