Are there any accounts....
whattochoose
Posts: 694 Forumite
.....which pay monthly interest which you can withdraw, or nominate to be paid into a bank account where you're able to get your hands on it immediately?
I recently took out a Virgin Money bond at 4%, which pays monthly interest, but the money cannot be withdrawn until the account has matured.
Soon, I'll some extra funds as a result of a Masthaven account closing early, and I'd like to re-invest them in something which allows me to withdraw the money each month.
Any suggestions please?
Thank you.
I recently took out a Virgin Money bond at 4%, which pays monthly interest, but the money cannot be withdrawn until the account has matured.
Soon, I'll some extra funds as a result of a Masthaven account closing early, and I'd like to re-invest them in something which allows me to withdraw the money each month.
Any suggestions please?
Thank you.
0
Comments
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I know Atom allow for interest to be paid away - their application process shows you the relevant amounts you would earn if the interest goes into the account itself or is paid away.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
Best bet will be to search the comprehensive listings at the likes of Moneyfacts, which allow filtering, so, for example, looking at all fixed term products paying interest monthly - there isn't specifically a search filter for that interest being accessible then, but the first on the list, Aldermore, does allow it to be paid out to another account.2
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The interest rate doesn't compete with most offerings, but the NS&I Income Bonds actually do what you're after - hence the name. Currently paying 1.8%, which is paid into a nominated bank account each month and in other respects is an instant access savings account. You need to leave 500 quid in the account to keep it open though.
I'm a bit of a wuss when it comes to 'investing', so I stuck with somewhere I already had an account, whilst I decided what to do with the money.1 -
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But it's still necessary to filter further, given OP's requirement to access the interest monthly - for example, the first in the list, Zopa, states that interest must remain in the account for the whole term, reiterated on their own site at https://www.zopa.com/savings-accounts:Band7 said:Interest is paid monthly into your fixed term account and can be accessed at the end of the term.1 -
Santander 2.75% savings account does what you want, not available currently but might be worth checking what else they have.Remember the saying: if it looks too good to be true it almost certainly is.1
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My shawbrook easy access account pays monthly interest into my nominated current account every month
current rate is 2.3% - not bad2 -
I know but I am not doing the OP's job and check each of the accounts. There'll still be dozens which can have the interest paid away / easily accessible.eskbanker said:
But it's still necessary to filter further, given OP's requirement to access the interest monthly - for example, the first in the list, Zopa, states that interest must remain in the account for the whole term, reiterated on their own site at https://www.zopa.com/savings-accounts:Band7 said:Interest is paid monthly into your fixed term account and can be accessed at the end of the term.1 -
Yes, sure, agreed about spoon-feeding, just wanted to ensure that it's clear that the answer to the question is a subset of those accounts.Band7 said:
I know but I am not doing the OP's job and check each of the accounts. There'll still be dozens which can have the interest paid away / easily accessible.eskbanker said:
But it's still necessary to filter further, given OP's requirement to access the interest monthly - for example, the first in the list, Zopa, states that interest must remain in the account for the whole term, reiterated on their own site at https://www.zopa.com/savings-accounts:Band7 said:Interest is paid monthly into your fixed term account and can be accessed at the end of the term.3 -
I thought spoon feeding the newbies was part of the jobeskbanker said:
Yes, sure, agreed about spoon-feeding, just wanted to ensure that it's clear that the answer to the question is a subset of those accounts.Band7 said:
I know but I am not doing the OP's job and check each of the accounts. There'll still be dozens which can have the interest paid away / easily accessible.eskbanker said:
But it's still necessary to filter further, given OP's requirement to access the interest monthly - for example, the first in the list, Zopa, states that interest must remain in the account for the whole term, reiterated on their own site at https://www.zopa.com/savings-accounts:Band7 said:Interest is paid monthly into your fixed term account and can be accessed at the end of the term.
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