How much monthly income can you earn from your cash savings?

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.

ProviderFixed TermRate AERType of AccountMonthly Interest on £10,000 balance **
Masthaven Bank1 Year1.80%Fixed Rate Bond£15.29
Masthaven Bank2 Years2.00%Fixed Rate Bond£16.99
Charter Savings Bank5 Years2.31%Fixed Rate Bond£19.44
Paragon Bank1 Year1.45%Fixed Rate ISA£12.32
Paragon Bank2 Years1.67%Fixed Rate ISA£14.18
Charter Savings Bank5 Years2.25%Fixed Rate ISA£19.11

** Interest calculation based on 31 day month

Andrew
Andrew

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