Saving Account With Monthly Interest

STRAWB

Just sold our house and going to rent for a while we have 175000 to put in a savings account but need monthly interest for rent what are the best rates around for this kind of situation

Pendle_Gazza

Perhaps consider something like Birmingham Midshires' 6.52% ESaver. You can pay the monthly interest into your linked bank account, which might be ideal.

http://www.askbm.co.uk/savings/i/easy/product.asp?id=158&p=overview

[Deleted User]

For the best rates on instant access savings account, take a look at:

http://www.moneysavingexpert.com/sav...st#topaccounts
and http://www.thisismoney.co.uk/saving-...&in_page_id=50

You should also be aware of and consider the 35k rule: http://www.moneysavingexpert.com/sav...terest#howsafe

One final thing to consider is using the montly interest will erode the real value of the money as inflation takes its toll, however if you need the money then you need the money I suppose

firsttimetom

Put it *all* in Northern Rocks e-saver - http://www.northernrock.co.uk/savings/online-accounts/e-saver/

They pay 6% interest, which can be monthly and to another bank account.

AND the best bit - Every last penny is guaranteed, not just the 35,000 of other banks.

Account was very easy to set up, did it all on line.

Stick it all in the Rock I say.

STRAWB

The rock not the best rate however all money being guaranteed has to be considered with todays climate

olddogbreath

Just looked up Birmingham Midshires and they are part of Bank of Scotland - I think. If so, on Fitch they are registered as negative. Therefore are they a safe bet to put savings into?