Need easy access with best monthly interest

sazandy25

Hi, looking for an account that pays monthly interest on a variable balance.

So, got some house improvementsdone, put all £17,000 on 4 separate 0% credit cards (all ending at different times this year). I have been saving in 5 separate regular savers for the last 9-11 months, earning atleast 5.5%.

When the regular savers end I want to put the money somewhere & earn some interest before having to use the money to pay off the credit cards.

Have found the RCI freedom saving account paying a variable 4.65% (4.75% yearly), allows unlimited withdrawals

https://www.rcibank.co.uk/savings/freedom-savings-account?dclid=CjgKEAiA5rGuBhCshMf3y8aPg3ESJADssJRq2ndle-l_L4OWIRYRedxheqAEOX_c-GUSyMK3vyuFPfD_BwE

Is there anything better?

Thanks

Bigwheels1111

Make sure you select rate order.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Cynergy looks like the best option as has no limitations, ie 1k or 5k minimum.

Archerychick

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

Depending on your amount to be saved you can get at least 5.1%

Spies

Cynergy bank doesn't meet the ops criteria by paying monthly interest.

Tadem Bank pays 4.9% with unlimited withdrawals

grumbler

sazandy25 said:

Hi, looking for an account that pays monthly interest on a variable balance.

....I want to put the money somewhere & earn some interest before having to use the money to pay off the credit cards.

Why is it so important that the interest is paid monthly?

Bigwheels1111

Forgot about tandem, Gatehouse, I use Santander but account not available anymore.

elkiedee

Coventry Building Society offers several accounts paying monthly interest. The easiest access is only 3.4% but there are some which offer the monthly interest into a nominated account - that could be your current account, if you're using the interest to help make the minimum payments on your 0% credit cards for a few months (I'm guessing that's a reason for wanting monthly interest) and then 3 or 4 withdrawals, for a rate around 5% or just under (current, and variable).

For example, If you won't have used next year's ISA allowance elsewhere, you could have an 4 x access ISA and a Triple Access (non-ISA) savings account. Then you have total of 6 or 7 withdrawals to your nominated account, which might work to pay the credit cards before the end of the 0% interest at different times. 

Archerychick

Chip is at 4.84% with interest paid monthly if that is important 

friolento

List of easy access accounts with monthly interest payment https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/

Beware, some have limited withdrawal options.

As was asked earlier: why is monthly interest payment required?

sazandy25

Monthly interest is just required so it's paid before credit cards are due. Don't really want to wait a year to get interest.

Chip looks good.
Anyone used RCI bank?

penners324

Marcus still paying 4.75%. Very easy to use and has an app and website