Savings accounts with monthly or yearly interest
Yearly, monthly or when your account matures
Choosing when, and how, to receive your savings interest will usually depend on
what you're saving for.
If you're using your savings to supplement your income or your pension, you may
want to choose an account that pays interest every month. We pay interest on the
first day of each month.
Most of our ISAs and fixed rate bonds are available with monthly interest.
If you don't need the interest for any specific purpose and just want your savings
to grow, you could be better with yearly interest. We pay yearly interest on the
anniversary of the first deposit.
How interest is paid
Depending on the type of account you choose, you may also be able to decide how
the interest is paid:
- Reinvested into your savings account - so that you'll earn interest
on your interest
- Into another Birmingham Midshires account - where it's easier to get your
hands on your money
- Into any UK bank current account - but it will usually take four
bank working days to reach your account
Interest at maturity
Some savings accounts, such as our guaranteed equity bond and guaranteed equity
ISAs pay interest when the bond matures.