Monthly interest savings accounts

Want to reap the rewards of saving sooner rather than later? A savings account that pays monthly interest will boost your bank balance each month*. There’s no need to wait for a year to go by to see the return.

Compare our range of monthly interest savings accounts and see how much you can earn. Whether you want to maintain access to your money or lock spare funds away, you can compare our rates and account types to find the best monthly interest savings account for your needs.

*The amount you earn in interest will depend on how much money you save and the interest rate offered on the account you choose.

Interest explained:

Learn about how interest works.

Our savings accounts that pay monthly interest

At Shawbrook, we offer a monthly interest option for several types of savings accounts.

You can earn monthly interest on our Easy Access account, fixed rate bonds (with several term lengths), cash ISAs (available as fixed rate or variable Easy Access), and notice accounts (with two notice periods to choose from).

The rate of interest you’ll receive will depend on the account. You can compare the Annual Equivalent Rate (AER) we offer in our table below. The highest interest rate won’t necessarily be the best account for you. You may want to consider other factors, such as whether the interest will be tax-free and how quickly you need to access your money.

What kind of account are you looking for?

Terms explained

AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

Terms & Conditions for Personal Accounts

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information visit

About our monthly interest accounts:

Below are some of the most common queries about our monthly interest savings accounts. Need more specific information? Select the account you’re interested in via our savings comparison table to find out more

A monthly interest savings account is a type of account that pays interest on its balance into a nominated bank account on a set day each month. This day is set by the provider and will likely be the day that the account was created.

The interest rate can either be variable (meaning it could go up or down) or fixed rate (where it will remain unchanged for an agreed term).

An account that pays interest monthly can appeal to those who want to boost* their regular income. With a monthly interest account, you receive interest every month and will see the benefits of saving sooner than you would with an annual interest account.

A savings account that pays interest annually will usually offer a slightly better rate, so you’ll earn more overall but you’ll have to wait a year to receive it as a lump sum.

As the names suggest, a key difference between monthly and annual interest is how often it’s paid. Monthly interest is paid on the same day every month, whereas annual interest pays all the interest you’ve earnt over a year in one lump sum.

Some providers can only make payments Monday – Friday and so the day you receive your interest may differ.

The interest rates between monthly and annual interest accounts will also differ. The AER changes because annual interest accounts benefit from compounded interest (the interest you earn on the interest you’ve already earned). With an account that pays monthly, interest is paid directly into your nominated bank account each month and is essentially withdrawn from your savings account. In contrast, an annual interest account will still earn interest each month but this interest will stay within the savings account. So, you’ll earn interest on the interest itself the following month. Over a year that results in a higher amount of interest overall as your balance (the amount you’ll earn interest on) increases each month.

All of Shawbrook’s savings accounts are protected by the Financial Services Compensation Scheme (FSCS). The FSCS will protect funds across all of your Shawbrook accounts up to a maximum value of £85,000 for sole account holders or £170,000 for joint accounts.

Any amount you hold above these limits (including across multiple accounts) is unlikely to be eligible for FSCS protection, although there are some exceptions for temporary high balances. For further information, visit

There is no difference between protection for monthly or annual accounts. As Shawbrook’s savings accounts are cash savings accounts (as opposed to stocks and shares investments), your capital is not at risk.