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Internet Savings Accounts
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What are Internet Savings Accounts?
- Quite simply, savings accounts that operate solely over the internet. Because they are cheaper to run, the interest rate you receive may be higher than accounts which you can access on the high street or by post.
- You won’t get a passbook or an ATM card to be able to get at your cash instantly.
Who are they Suitable For?
- Anyone who wants to maximise their savings return and who is happy to operate their savings account online.
What to Look Out For
- The main thing to be aware of is that you won’t be able to get instant access to your funds because you probably won’t get an ATM card. If you want to withdraw funds, you’ll need a linked current account which the provider will electronically send the funds to, which can take up to 3 days.
- Internet Savings plans are just like other forms of saving so you need to be aware of the following areas:
- Is the interest rate competitive?
- Is there a bonus included in the advertised interest rate?
- Is there a notice period required for withdrawals?
Take a look at our guide on Things to Watch Out For for savings for some more details on these areas.
What to do next
Get a feel for the Key Factors to Consider when choosing a savings plan, so you can go in knowing what you’re looking for.
Then compare internet savings accounts to find the best deals around with our best buy tables or product searches.
Moneyfacts.co.uk has also put together a range of savings guides if you are looking around for other types of savings plan.
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