Income from Savings

Morxx

I would like to invest around £40000 for 5 years in a building society that would pay the interest directly into my bank account.

I've looked at Cahoot and Ing who pay interest monthly but you have to go to the account each month and set it up.

Is there any high paying accounts where they pay the interest automatically direct to your bank account. (I know Northern Rock Silver Savers does but cant use that)

Unbelievable_2

Egg savings account and Northern Rock on-line tracker do this - both good rates now but include 6 month bonus - so may not be so great in the long run. :-/

You could take a look at Capital One savings too

cheerfulcat

There are still some good higher rate fixed term accounts

http://www.moneysupermarket.com/Savings/SavingsResults.asp

They will all allow you to have the interest paid into another account.

Cheerfulcat

Milarky

AFAIK, ING does allow any number of advance-dated withdrawal requests. Therefore with £40000 you could arrange to have the approximate amount of monthly interest credited to your bank a/c on the first of each month for a number of months into the future. [But I shall check if this is so...!]

[...Back again]

Yes, this does work quite nicely - the only possible drawback being the future payments can't reviewed or amended once set up - so you need to take a screen print or other record of what you have done. No doubt ING can stop a payment if you phone [or poss email them] but it's better than nothing, I suppose.

cahoot being online probably has more bells and whistles - but ING is marketed as 'no frills' after all!

Morxx

Thanks for all your replies, I will check them out.

I do have an ING account and emailed them to ask if the interest could be paid monthly into my bank and they said I would have to do it manually each month. I will certainly check out your suggestion Milarky.