where to get most out of 6 months saving account?

n57602000

Looking to put in around £2000 into a savings account only for 5 to 6 months tho before i go travelling so i want to try and make the most amount of money to help me with my funds before that time anyone know of some good saving accounts with monthly interest for this

Kazza242

Here is a list of accounts that'll give you competitive monthly interest on your money:

Bradford & Bingley eSavings pays 5.25% AER (5.13% monthly interest), minumum balance £1,000.

Cahoot savings account pays 5.10% AER, minimum balance £1. Run over the Internet and monthly interest is paid.

ING Direct pays 5% AER, minimum balance £1, monthly interest. Run over the phone, Internet or post.

grumbler

Northern Rock online tracker, first 6 months 5.41%

Kazza242

grumbler wrote:

Northern Rock online tracker, first 6 months 5.41%

The Northern Rock account gives a choice of yearly or monthly interest, but the monthly interest option has a lower interest rate of 5.16% gross. Still, it's a good rate, as you'll be earning interest on your interest every month after month 1. You could of course go for the yearly interest option of 5.41% and then close the account after 6 months. In this case the interest accumulated up to the date the account is closed is usually credited to the customer on account closure.

n57602000

Would there be a penalty or anything difficulty of closing the account after 6 months

grumbler

n57602000 wrote:

Would there be a penalty or anything difficulty of closing the account after 6 months

I also suspected that there should be some penalty. I tried to find something but have not found anything. I don't have this account. If you are interested in it, give them a call and then tell us.

Kazza242

n57602000 wrote:

Would there be a penalty or anything difficulty of closing the account after 6 months

The Northern Rock terms & conditions aren't clear on this. I tend to avoid listing Northern Rock savings account in my posts, because their products can be very confusing. They also tend to launch many issues of the same account rather too frequently.

The other savings accounts that I listed in my post above are well worth looking into, for their ease of use if anything.