More savings accounts
Monthly Interest Accounts
For those people looking to create an income from their savings Monthly Interest Accounts could be the answer.
As the name suggests rather than accruing the interest to the savings balance it is paid away each month to a separate account, perfect for people who need to supplement their income.
These types of accounts can offer Instant Access to your savings, however the longer you are prepared to tie up your savings, either in a Notice or Fixed Rate account, the better the rate of interest will be.
Monthly Interest Accounts can be especially useful for pensioners looking to increase their pension income or investors who need an income but want to avoid the stock market.
Unless held in as a Cash ISA (Individual Savings Account) or by a non tax payer, the interest is subject to tax, which needs to be factored in when calculating the net income payable.