Where can I find 5 year fixed saving accounts where the interest is paid away?

das492932

I'm looking at 5 year fixed rate savings accounts, but will be hit with interest on tax when it matures (the interest on maturity would be over £1000). I've seen in Martin's best buy table in the past some accounts where the interest is paid out either monthly or annual which would prevent me going over the annual £1000 threshold. 

Does anyone know where I can find the best paying 5 year fix accounts that pay-away?

JGB1955

Best 5 Year Fixed Rate Bonds | Rates up to 5.81% (moneyfactscompare.co.uk).... filtered by 'monthly interest'.

Cold_comfort

Moneyfacts. 'View further details' will tell you whether the account pays away. The current top two (at 5.8%) do.

das492932

Thanks @Cold_comfort that's perfect! Thanks for your help too @jgb1955 although "monthly interest" isn't always paid away, it can be compounded. Appreciated  

BooJewels

Just be mindful if using the links above to Money Facts Compare, that you also double check the T&C of any account that interests you - which clearly you should do anyway - as I've found this is a detail where their entries aren't always accurate.

I know that Hodge have a 5 year that pays away (5.51%), as do Recognise Bank (5.6%) as I've looked at them myself this week, but many of the others that I already get paid monthly from are either not offering longer than 2 years, or have withdrawn fixes at the moment.  There will be others of course, as I'm sure you'll find from the above links.

If it's just to avoid the tax implications by getting your interest paid to span tax years, then I think perhaps most fixes will pay interest annually and less of them will only pay it all at maturity.  So you might not need it paid monthly if that's your main consideration.