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Looking for the best monthly savings accounts?

Let’s face it, there are a lot of savings accounts on the market and each one offers a different rate of interest.

But it’s worth noting that in some cases the amount quoted is for interest being paid annually and you often have to look beyond the ‘headline rates’ for the monthly equivalent.

If you prefer to receive your interest more frequently than once a year, here is a selection of accounts offering a monthly interest option.

Some of the best monthly savings accounts include the Nationwide MySave Online Plus, an internet based saver. It’s available to UK residents aged 16 and above and pays 3.05 per cent Annual Equivalent Rate variable, which includes a 1.51 per cent gross fixed bonus for the first 12 months. You need to deposit a minimum of £1,000 to open the account and are allowed one free withdrawal each year.

The Post Office Online Saver offers monthly interest of 3.01 per cent AER. This includes a 1.36 per cent AER fixed bonus for the first year and after that period the monthly rate will revert to 1.65 per cent AER. The account, which is available to UK savers aged 18 and above, can be opened with £1 upwards and unlimited withdrawals can be made for free.

Another option is the WeBSave Plus 2 from West Bromwich Building Society. Like the other two, this account is operated online, but the main difference is that it doesn’t have an introductory bonus rate, instead offering 2.81 per cent AER. The minimum amount required to open the account is £1,000 and it’s available to UK savers aged 16 plus. One withdrawal per year is permitted with no loss of interest.

If you want to manage your savings away from the internet, then one of the best monthly savings accounts available is the ING Direct Savings Account which can also be operated by phone. For the first year, savers are offered 3 per cent AER variable which includes a 2.46 per cent gross fixed bonus. However, after 12 months the standard variable rate – currently 0.5 per cent AER – will apply. You can open the account with £1 upwards.

 

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