Did you know you could earn monthly interest by opening one of our fixed rate bonds?
When we look ahead at all the things we want to accomplish in the next 12 months, one of the first things we usually think about is how we can save more money.
But how can you save money in a way that suits you? A year seems so far away when you’re deciding on the best time to receive your savings payout and an annual interest payment just isn’t practical for everyone.
The good news is you could open a saving account and sit back as you reap the rewards each month. Whether you want to put more aside for a rainy day or you could do with some extra cash for life’s little emergencies, it might help you to feel more prepared and at ease when you choose to receive the interest on your savings each month.
Interest is the amount of money you receive from banks, such as Charter Savings Bank, when you choose to save your money with them. The amount that you could earn is dependent on the interest rate, which is shown as a percentage. For example, if you had £5,000 to put into a Fixed Savings Account with an interest rate of 5%, then in a year you’d have a total amount of £5,250.
The monthly interest payment option might be a popular choice with customers as it can help with budgeted costs, as well as providing a sense of security should they find themselves dealing with any extra monthly expenses.
If you’ll be increasing your spending around Christmas, birthdays or summer holidays, it may be reassuring to know your savings are spread out each month to help you manage your finances comfortably throughout the year – instead of waiting on an annual payout.
And, if you’re thinking about your pension, receiving monthly interest on your savings could be a great way to bolster your overall monthly income.
You could put your money into a Fixed Rate Bond and benefit from a higher interest rate while still gaining a monthly income. But don’t worry if you’d prefer to receive a yearly payment, you can always choose to have your interest paid annually.
So, if you’ve been thinking of ways to make more of your money and you’d like to explore the option of receiving your savings throughout the year, a monthly interest savings account could be right for you.
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Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.