A monthly interest savings account may not allow you to earn as much interest as someone who receives annual interest on their savings account. This is because you receive the interest payments sooner and can put them to use throughout the year, as opposed to receiving a lump sum.
It is possible to open a savings account with a monthly interest deal in the following account forms:
- Fixed rate savings accounts – you will receive a fixed rate of interest, providing security and enabling you to manage your own finances more effectively.
- Instant access savings accounts – you will be able to access your money at any time without giving notice.
- Regular savings accounts – with regular installments you may be able to enjoy watching your money grow.
With a monthly interest savings account it is worth considering that the rate of interest may not be as high as in other savings accounts. You should always read the terms and conditions of any account thoroughly before committing to it.
After using a specialist calculator to see what monthly interest you are likely to get with your savings account, use our comparison tables to find which deals suit your needs.