I have bonds- but now looking to send some money in to a high interest bank savings (5 or 7%)

dmo84

HI all,

i have a good amount in premium bonds, although i want to open a high interest savers account (either 5% -7%) if possible, i have had a a look at this page

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

But what im looking for is something that

(i can put as much money as possible away per month) IE not limited by a small amount,

im not looking to withdraw if possible,

Is there any that they pay interest after 12 years? or would you have to switch it?

i dont really want to pay to join a premium bank account on a per month basis if i can help it

and looking to obtain interest on a monthly basis (not looking for it to be paid on a yearly basis) 

is there any accounts about ?

the 7% first direct one looks like its limited

• save between £25 and £300 a month, up to £3,600 per year
• change the amount of your standing order at any time

Interest example: if you save £300 every month for 12 months and qualify for the 7.00% AER/Gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account.

Can anyone reccomend something where interest is paid monthly ?

Albermarle

Only regular savers with a limit on how much you can save, offer up to 7% ( such as the First Direct one).

Otherwise best you can currently get is around 4.5% for a fixed term.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

im not looking to withdraw if possible,

Is there any that they pay interest after 12 years? or would you have to switch it?

If you do not need the money for such a long time you should consider investing at least some of it. Either via a Stocks and Shares ISA or via a pension. Whatever interest rate you get on your savings will be unlikely to compensate for losses to inflation. At least with investing you would hope at least to keep up with inflation.

dmo84

Ok, dont worry about the limit you can save then,

what about the other question, is there any which pay the interest on a monthly basis rather than only after a year ?

eskbanker

dmo84 said:

what about the other question, is there any which pay the interest on a monthly basis rather than only after a year ?

You'll need to spend some time on that Moneyfacts site that you were directed to, but as it happens they do have a summary specifically of monthly interest fixed rate accounts:

https://moneyfacts.co.uk/savings-accounts/monthly-interest-fixed-rate-bonds/

InvesterJones

dmo84 said:

Ok, dont worry about the limit you can save then,

what about the other question, is there any which pay the interest on a monthly basis rather than only after a year ?

Yes, lots. You can use a comparison site like https://moneyfacts.co.uk/savings-accounts/ and it'll list which ones are paid monthly, annually or on maturity.

dmo84

Great thanks, i will take a look

dmo84

I think the Natwest digital regular savings account might be ok for me at the moment,

5% up to 5000k  - if i manage to save £5k then i assume it would be a £250 yeild per annum,

Digital Regular Saver

AER

5.12%

Account Type

Regular Savings

Notice

Instant

Interest Paid

Monthly

Opening Account

Managing Account

Rates

Rate

5.00% paid at £1, 0.50% paid at £5001 on portion of balance

AER

5.12% paid at £1, 0.50% paid at £5001 on portion of balance

Interest Paid

Monthly

Interest Payment Interest can be paid away or compounded

Min Opening Amount £0

Max Investment £0

Introductory Bonus N/A

Opening Criteria

Linked Product (Non-Funded): New and existing Current Account Customers (A NatWest current account is required to open this account.)

jimjames

dmo84 said:

I think the Natwest digital regular savings account might be ok for me at the moment

It doesn't seem to meet some of the criteria you asked for. How much do you already have in savings to put into this account? It would take you nearly 3 years to hit the £5000 to gain £250 pa interest.

InvesterJones

Don't forget that you're not starting the account at the full 5k with that regular saver, but instead only £150 a month, so in the first year you'll have only saved a maximum of £1800 and will have earned ~ £45 interest.

Richard1212

I'd back dmo84's choice.
I have several Natwest Accounts in addition to my Premier Select Account and I use the 5.12% DRSaver. BTW, some of the rates are going up at end of January but I must admit that I have not checked the details yet. No doubt somebody who loves googling will let us know if the 5.12% is affected---though somehow I doubt it 

ForumUser7

Richard1212 said:

I'd back dmo84's choice.
I have several Natwest Accounts in addition to my Premier Select Account and I use the 5.12% DRSaver. BTW, some of the rates are going up at end of January but I must admit that I have not checked the details yet. No doubt somebody who loves googling will let us know if the 5.12% is affected---though somehow I doubt it 

I mentioned it in the Regular Saver thread - the 5.12% is not affected, it is just the rate for above £5000 increasing to 0.65% from 0.50%. I think they should increase the maximum monthly deposit, but that's likely wishful thinking.