How much interest would I get a month?

[alwaystired88]

I have £10,000 to put in savings. I'm looking at a first direct cash ISA that is 1.39% AER and paid monthly. How much interest would this earn per month? I'm so new to these things.

About £11 but there are so many better available rates out there. I’m getting over double that on an easy access saver. You should be able to get a much better deal on an ISA.

Thank you. Who is your saver with?

I’m with Marcus and currently getting 2.5% on their standard easy access savings account definitely have a shop around

A fixed rate savings account will pay more - check out Martin Lewis’s site here
www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings

Bank of England have an online interest calculator.

www.bankofengland.co.uk/education/education-resources/borrowing-savings-calculator

Depends on your plans but if you aren't going to touch it for a few years I'd bang it in stocks and shares ISA and split it between a few different funds.

10,000 x 1.39% then decimalise
so
10,000 x 0.0139 = 139

divide by 12

139/12 = 11.58

Not much I think is the answer

look at Martin Lewis for a better rate

That's a poor rate. You could get 3.4% if you don't need it for 6m, or 4% plus for a year. I have an instant access savings that pays 2.25%. Have a look at Raisin savings (advertised on Martin lewis) as they have lots of choice and it's easy through the app. 4% plus = £400 per year interest.

Atom currently at 2.5% instant access and very easy to open online. I am finding a lot of postal accounts a real PITA to open.