Alliance & Leicester eSaver
The eSaver account from Alliance & Leicester offers a cracking interest rate of 6.50% AER (variable); and, unusually for an account with such a good rate, the interest earned is paid monthly. Note that this rate includes an introductory bonus and the rate you earn may be lower in subsequent years.
There's a catch though in that this isn't a full easy access account - in any month in which you make a withdrawal, no interest will be paid. Strangely enough, the month of July is excepted from this rule and you can make withdrawals without penalty in that month (maybe A&L envision thousands of their customers saving up holiday spending money?).
This withdrawal restriction shouldn't really detract from the account's attractiveness to serious savers though, and the combination of the high rate coupled with monthly interest payments is definitely a winner if you're truly setting money aside for a rainy day rather than hoping to pick up interest on whatever surplus funds you happen to have at the moment, where an easy access account would be more suitable.
The minimum deposit is £1 with a maximum of £500,000, and only one account may be held per person. The account is managed completely online, with A&L's award winning secure online banking service.
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A&L eSaver : Summary
| Account: | Alliance & Leicester eSaver |
| AER: | 6.50% |
| Interest Paid: | Monthly |
| Minimum Investment: | £1 |
| Maximum Investment: | £500,000 |
| Comments: | A great value high interest savings account with monthly interest payments |
