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  • Savings account that pays monthly interest??

    I'm looking into a savings account that pays interest monthly preferably into a different account.

    Ie into my bank account.

    I think i'd then be less inclined to spend it willy nilly.

    Though i have no idea what i'm looking for.

    Anyone know of any accounts like it??
    I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

    Life is full of Ups and Downs. Shame it just aint simple.

  • #2
    Re: Savings account that pays monthly interest??

    saving accounts a poo at the moment for interest!!

    I have a few accounts Santander pays alright my rewards account with Halifax pays me 5.00 monthly if i put over 1k in.

    Um.. the best interest rate is my kids account 6%! I transfer money there every month the full allotment to get the interest!

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    • #3
      Re: Savings account that pays monthly interest??

      a savings account with interest? as Jen said you'll be lucky...the odd one may be found on a shelf with jars of unicorn poo & chocolate coated pringles

      watchdog did an article last week or so hang on...


      BBC One - Watchdog - On the hunt to find the lowest savings interest...
      Last edited by philnicandamy; 7th October 2012, 14:11.

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      • #4
        Re: Savings account that pays monthly interest??

        and you would get an even lower rate of interest if they paid monthly (extra admin etc), so not worth the bother really
        I'm part of the AAD Site Team. This means I help manage the forum, users and Moderators. If you have any problems, complaints or concerns about anything from a post, a user or even a Moderator please send me or any of the Site Team a message and we'll investigate it for you. Remember, I'm also a volunteer, here to help make the forum run smoothly but with an opinion of my own. Any views or opinions are mine and not the official line of allaboutDEBT.

        If you spot an abusive or libellous post then please report it to abuse@all-about-debt.co.uk or send a message to any of the Forum Site Team. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, send me a message by clicking my username or send me an email direct: MrsD@all-about-debt.co.uk

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        • #5
          Re: Savings account that pays monthly interest??

          im not too fussed about the interest rate atm.

          Really i should look at F&Fs but until the accounts are all sold to DCAs i feel there is no point.

          hence putting some away
          I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

          Life is full of Ups and Downs. Shame it just aint simple.

          Comment


          • #6
            Re: Savings account that pays monthly interest??

            Not sure if ING still do it, but the mrs and i had one 2 years ago, paid around 4% interest for the first year.

            Online savings account, 1 to open, took 3 days to transfer money cos it was online, but at the time was the best rate other than a cash isa.

            Think we earnt quite a nice some on our mortgage deposit.
            I'm an Official AAD Forum Moderator and a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of allaboutDEBT Ltd. Any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - find a solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it to abuse@all-about-debt.co.uk or send a message to any of the Forum Site Team. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username or send me an email direct: sxguy@all-about-debt.co.uk

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            • #7
              Re: Savings account that pays monthly interest??

              Originally posted by SXGuy View Post
              Not sure if ING still do it, but the mrs and i had one 2 years ago, paid around 4% interest for the first year.

              Online savings account, 1 to open, took 3 days to transfer money cos it was online, but at the time was the best rate other than a cash isa.

              Think we earnt quite a nice some on our mortgage deposit.
              Yes... ING still pay monthly interest, although rates everywhere are fairly poo.
              Remember the mantra:
              NEVER communicate by 'phone.

              Send EVERYTHING by Recorded/Special Delivery
              Keep a copy of EVERYTHING sent
              Keep hold of EVERYTHING received

              PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)


              I'm an Official AAD Forum Moderator and a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of allaboutDEBT Ltd. Any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - find a solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it to abuse@all-about-debt.co.uk or send a message to any of the Forum Site Team. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username or send me an email direct: priorityone@all-about-debt.co.uk

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              • #8
                Re: Savings account that pays monthly interest??

                Originally posted by kilasuit View Post
                I'm looking into a savings account that pays interest monthly preferably into a different account.

                Ie into my bank account.

                I think i'd then be less inclined to spend it willy nilly.

                Though i have no idea what i'm looking for.

                Anyone know of any accounts like it??
                I think I know what this is about so here goes:

                If you are in receipt of state benefits you may have a legal obligation to reveal this windfall from your claim against McDees

                The DWP may decide to deduct this windwall from your past and present benefit payments.

                If you withhold this information from the DWP you may be commiting benefit fraud

                If you open a deposit/savings account the bank will give your details to HMRC and automatically deduct 20% of any interest due to you which will be passed to HMRC. You will have to claim this back when you submit your tax return.

                Government computers talk to each other so don't risk anything
                Last edited by PlanB; 7th October 2012, 19:49.
                I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

                I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important


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                • #9
                  Re: Savings account that pays monthly interest??

                  Originally posted by planB View Post
                  If you withhold this information from the DWP you may be commiting benefit fraud
                  Government computers talk to each other so don't risk anything
                  My thoughts are that once i have had the settlement paid to me i would then inform DWP and go from there.


                  I'm currently just speculatively looking.

                  Because otherwise it will end up being spent on crap.

                  And then i'll be mega
                  I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

                  Life is full of Ups and Downs. Shame it just aint simple.

                  Comment


                  • #10
                    Re: Savings account that pays monthly interest??

                    How much of a windfall are you expecting?
                    Remember the mantra:
                    NEVER communicate by 'phone.

                    Send EVERYTHING by Recorded/Special Delivery
                    Keep a copy of EVERYTHING sent
                    Keep hold of EVERYTHING received

                    PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)


                    I'm an Official AAD Forum Moderator and a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of allaboutDEBT Ltd. Any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - find a solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it to abuse@all-about-debt.co.uk or send a message to any of the Forum Site Team. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username or send me an email direct: priorityone@all-about-debt.co.uk

                    Comment


                    • #11
                      Re: Savings account that pays monthly interest??

                      Originally posted by PriorityOne View Post
                      How much of a windfall are you expecting?
                      As I understand it the payment may be enough to be below the capital threshold for benefits but it relates to loss of earnings so that may impact on benefit paid in the interim
                      I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

                      I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important


                      Comment


                      • #12
                        Re: Savings account that pays monthly interest??

                        Originally posted by PriorityOne View Post
                        How much of a windfall are you expecting?
                        i reckon i'll hvae about 2k left after paying RA's and Utilities etc
                        I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

                        Life is full of Ups and Downs. Shame it just aint simple.

                        Comment


                        • #13
                          Re: Savings account that pays monthly interest??

                          Originally posted by planB View Post
                          If you open a deposit/savings account the bank will give your details to HMRC and automatically deduct 20% of any interest due to you which will be passed to HMRC. You will have to claim this back when you submit your tax return.

                          Government computers talk to each other so don't risk anything
                          HMRC always make me laugh every year regarding this.

                          A lot of our clients forget exactly how much they had in savings when we submit their tax return, sometimes the amount is wrong.

                          HMRC will send us a letter showing what they believe it to be, and asking us why we gave different information, and if their info is wrong to prove why.

                          I always think to myself, if they already know because they get informed then a) why do we need to show it and b) why are they asking lol

                          On a side note, Banks inform HMRC of any money in an account over 10k in a full financial year, as far as im aware, not limited to savings.
                          I'm an Official AAD Forum Moderator and a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of allaboutDEBT Ltd. Any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - find a solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it to abuse@all-about-debt.co.uk or send a message to any of the Forum Site Team. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username or send me an email direct: sxguy@all-about-debt.co.uk

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