It is worth remembering a monthly interest savings account may not strictly be offered by many providers, as ‘monthly interest’ is more of an option that may be selected alongside a particular type of savings account deal.
Some examples of accounts that may have a monthly interest option are:
- Fixed interest rate savings accounts
- ISA savings accounts
- Instant Access savings accounts
- Notice savings accounts
Receiving interest on a monthly basis instead of annually can be useful for many people. Some customers, such as retirees for example who may have a significant amount of money saved, use this money as another source of income.
Depending on the type of monthly interest account that is selected, there may be several restrictions to be considered. If a notice savings account is selected for example, the customer may be subjected to a potentially lengthy waiting period before any money can be withdrawn without incurring a penalty.
If you have any doubts regarding a particular savings account offer, it is also important to check the terms and conditions of the proposed agreement before you apply.
Finding the right savings account deal for you will always be a matter of shopping around, and we have designed the comparison tables on this page to make it easy to do just that.
Monthly interest savings accounts come in all shapes and sizes, including:
- Fixed rate savings accounts - Offering the security of a guaranteed interest rate
- Regular savings accounts - Watch your money grow quickly
- Instant access savings accounts - Access your cash when you need it
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.