Deposit Accounts paying Interest Monthly

H

HomersCash

Registered User
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48
Hi,

Currently have a few bob on account earning buttons.

Building a house at the moment, so as time continues, money will be flowing out.

However, I want to deposit the money into an account that will pay interest monthly - and not annually (generally Dec31st)

Willing to accept a 7 day notice account.

I've contacted Anglo Irish, PTSB and BoI but to no avail.
Anglo stated they did have a monthly interest previously, but not now.

Appreciate advise, suggestions.

Thanks.
 
Are you aware that if you close an annual account they will pay the accumulated interest? You could just open an annual account and withdraw what you need when you need it.

Northern Rock offer a monthly interest option with their Demand Online account.
 
I was not aware of that MugsGame.

So to explain to myself.

In June - account has 50K
In November - account has 40K

Interest paid on Dec 31st, not just for the 40K, but an accumulated balance of what was there 50 down to 40 over the course of the year?

Northern Rock.......ammm...slightly concerned over recent months...
 
surely first active esaver is the way to go?

pays 5.22% gross CAR on balances up to 15k and interest is paid monthly

[broken link removed]
 
Interest paid on Dec 31st, not just for the 40K, but an accumulated balance of what was there 50 down to 40 over the course of the year?
Click to expand...

Yes, almost all savings accounts calculate interest on the daily balance, regardless of how often they credit the accumulated interest to the account. Additionally (and this is really what I meant), if you close the account before Dec 31st, they will calculate the partial interest for the year and add it to your final withdrawal. You are almost always better off with the annual interest option.
 
Obviously interest is not based on your balance at 31st December.

Interest is calculated DAILY on most accounts, but added annually.

Monthly payment of interest income is usually only for people who need that income.

Example: if you win the lotto, you'd go for monthly payment of interest.
 
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