Last week the Government launched their vote-winning pensioner bonds. These fixed-term accounts pay an impressive 2.8% over a year or 4% over three years to savers who are over 65.
The aim of these accounts is to make life easier for pensioners who live off their savings and have struggled with the poor interest rate environment we've been living in for the past seven years.
The problem is that pensioner bonds essentially lock your money away for the length of the term - if you need to make a withdrawal, you'll be docked three months' interest.
That means they're pretty useless, unless you have cash lying around that you can afford to lock away for up to three years.
So, what are the best savings options if you want to be paid your interest monthly?
If you are prepared to shoulder a little more risk then you could opt to put your money with a peer-to-peer lender.
Crucially, these firms aren't covered by the Financial Services Compensation Scheme (FSCS) and, as you are lending your money out, there is a slim chance you won't get your cash back. Most have a compensation fund in place to prevent that happening, but these are not as failsafe as the FSCS guarantee.
If you are interested, Landbuy offers a tracker account that pays interest at 3% above the base rate – so 3.5% at the moment. Interest is paid monthly and you can make withdrawals whenever you like.
Ratesetter also offers monthly peer-to-peer lending. Here you get an annualised rate of 2.6% and can access your money each month or choose to reinvest it.
Those savers who would prefer the peace of mind of saving with a recognised high street name could opt for Yorkshire Building Society's three-year bond. It pays a rate of 2.2% with the option of receiving your interest monthly.
Alternatively, Barclays offer a two-year Cash ISA paying 1.7% with the option of monthly interest payments. This is a better option than for higher rate taxpayers who would only receive a net rate of 1.3% with the Yorkshire Building Society account.
Go for a current account
You can get a better rate by avoiding savings accounts though. Opt for a current account and you'll get monthly interest payments and impressive rates. TSB pays 5% interest on balances up to £2,000 in its Classic Plus account. The interest is paid monthly giving you a regular income. But, you do have to pay £500 into the account each month.
Santander also offers a good interest rate on its 123 current account. If you balance is between £3,000 and £20,000 you'll receive monthly interest payments of 3%. There is a £2 monthly fee on this account though and you'll need to pay in £500 a month, but worth it for the interest.
Finally, if you are prepared to take on more risk you could opt for an investment fund that pays a monthly income. These are few and far between but do exist. They aim to deliver a high income level by investing in a range of shares, cash and bonds.
The Schroder Monthly High Income fund yields 5.9% or the Jupiter Monthly Income yields 5.1% historically. The benefit here is not only do you get that monthly income you could also benefit from capital growth too. For example, the Jupiter Monthly Income fund has returned 38.8% over the past three years (that's capital growth and income payments combined).
Hold these in an ISA and you'll also avoid paying interest on your income and any capital gains.
This website brings travellers together with people offering a huge variety of places to stay in 190 countries. The spaces range from an air bed in someone's lounge, to a luxury holiday home, so you can search for something to suit your needs and price range.
Before you travel, you need to sign up, search the site for accommodation, contact the host, and if they approve you can book their space. It means, for example, you can book a two bedroom flat in London for £80 a night - which is cheaper per person than a hostel - and much more pleasant.
This service connects people looking for a lift with drivers offering them. In the UK it is only operating in London at the moment - but it is expanding.
The service works through a smartphone app. When you're out and about you can use the app to find a driver in your area, hail them at the push of a button, and track their progress in reaching you.
The rates start at £3 plus 32p per minute for travel under 11mph and £1.75 per mile if you're driving faster. The flat fares include Heathrow to West London for £30 - which is significantly cheaper than a traditional taxi. The service was seen as such a dangerous competitor to London's black cabs that they staged a protest in June.
This is a free shopping app, which lets you scan barcodes when you're shopping, and the app will do a price comparison for the same products in local shops and on websites. You can even buy it online through the app.
It will also let you scan products you have at home and find the cheapest local (or online) stockist.
This started life as a flight search website, and has expanded to include car hire and hotels too. It draws together the advertised flight prices from over 1,000 airlines and travel agents and displays them in one place to save you the legwork.
It isn't perfect, because it relies on the information provided by the agents, so if the agent is tweaking the headline rate and then reverts to a higher price when you enquire, you'll waste a bit of time with the agents. It's therefore worth checking reviews on the cheapest agents that come up before you go any further. The prices drawn direct from the airlines, meanwhile, tend to be accurate.
This is a clever site which is designed to help you get a cheap deal on Amazon.co.uk. It has a few features, which you can use together to make sure you always get a good deal from the site.
The first is the price history charts, which show how the price has changed over time, and how the current price compares. If the price is comparatively low you can just buy at that price. Alternatively, if it has risen recently, you can set a price alert, where you input a price you would be happy to pay, and you will receive an alert when the price drops to this level.
If you use a lot of data on your smartphone, onavo extend will help you dramatically cut the data you get through.
It is a compression app, which works in the background on services like sending and receiving emails, checking maps and browsing the web, and ensures it all uses less data (although it doesn't work on things like Skype or streaming video). It works by ensuring that before any data is sent to your device, it goes through the company's servers and is compressed.
It can cut the amount of data you use by up to 50%, which can help you keep within data limits and save you a fortune. It will also monitor how much data you actually use which will help you pick the most cost-effective plan.
When you call 0800 numbers from your mobile it's not free, and it's usually not counted as part of your monthly inclusive minutes, so you'll be charged extra for the call.
If you install the free 0800 Wizard app, you type in the 0800 number, and it will automatically re-route your call to an 01, 02 or 03 number instead. These cost the same as a standard local call, so will be part of your monthly package. If you don't have any minutes left it will be charged as a standard geographic number.
This website is designed to let you shop around without leaving your home. You can use it in whatever way suits you best. For the dedicated bargain-hunter, you can input everything you want to buy, find the supermarket where each item is cheapest, and spend the absolute minimum.
For those who need a bit more convenience, you can fill your trolley as normal through the site (and use the swap and save button to see if you can save by buying a different size or brand). A basket icon on the right hand side of the screen will show you the cost of the same shop at alternative supermarkets, so you can switch the whole lot over at the click of a button. And there's even a vouchers button you can use before you checkout to see if you can save more. The site claims that you'll save an average of £17 every time you shop using the site.
There are lots of voucher apps and websites out there, but one which is worth a look is vouchercloud. Whether you're shopping, eating out, going to the cinema or going for a drink with friends, you can use the location function of this app to find the best deals on offer near to where you are.
This site has been around for a while, but remains a vital tool. You can search for the cheapest petrol in your area - or the area you are visiting - so you can pay less for your fuel without going out of your way. It's free to sign up and you get 20 free searches a week. There's also a PetrolPrices Pro app, so you can check prices when you're on the road.