Monthly Interest
Using a monthly interest savings account, the customer will be paid the interest on their savings every month instead of annually. Generally speaking, these accounts are often preferred by people who wish to use the interest gained as a secondary source of income.
Accounts that offer interest every month often provide customers with a slightly lower return compared with other accounts. So it is therefore important to fond one that will provide a decent return in exchange for these regular payments.
Instant Access
While it is true that the majority of monthly interest savings accounts will be notice accounts (wherein the customer must give a period of notice before withdrawing money), it may be possible to find one that is instant access, allowing the customer to access their money whenever they wish.
Generally speaking, savings accounts providing customers with ‘instant access’ to their money will come at a price. Interest rates for these types of accounts of often lower compared with others that have a notice period attached to them, or fixed rate bonds.
You should bear these things in mind while you are examining different savings account deals using the comparison tables on this page.
Monthly interest savings accounts come in all shapes and sizes, including:
You can compare deals using the tables above to see if there's a monthly interest savings account to suit your needs and apply today.