While some people are happy to lock their savings away and receive an interest payment once a year, others may find it more useful to earn a monthly income which could hep supplement their wages or pension.
Not all savings accounts offer a monthly interest option, but here’s a list of some of the best paying accounts that do – and all the providers in the table below are authorised by the Financial Conduct Authority plus balances up to £85,000 per individual are protected by the Financial Services Compensation Scheme.
So if you’ve ever wondered how much monthly interest you could earn then the following table showing some of the highest monthly interest returns will help.
The monthly interest income examples in the table below are based on a balance of £10,000 and assume 31 days in the month.
|Provider||Fixed Term||Rate AER||Type of Account||Monthly Interest on £10,000 balance **|
|Masthaven Bank||1 Year||1.80%||Fixed Rate Bond||£15.29|
|Masthaven Bank||2 Years||2.00%||Fixed Rate Bond||£16.99|
|Charter Savings Bank||5 Years||2.31%||Fixed Rate Bond||£19.44|
|Paragon Bank||1 Year||1.45%||Fixed Rate ISA||£12.32|
|Paragon Bank||2 Years||1.67%||Fixed Rate ISA||£14.18|
|Charter Savings Bank||5 Years||2.25%||Fixed Rate ISA||£19.11|
** Interest calculation based on 31 day month
- Fixed rate savings – best buy rates edging upwards - September 17, 2020
- 0% Credit Card Balance Transfer terms on the slide since lockdown - July 13, 2020
- Mainstream credit card rates unchanged in 2020 – for now - June 16, 2020