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Product focus: Branch based savings accounts

Product focus: Branch based savings accounts

Category: Banking

Updated: 14/06/2011
First Published: 13/06/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

In recent years there has been a surge in online operated accounts, but for a significant number of savers they still prefer to manage their accounts in branch. While rates on branch based accounts may not be as high as those available online, there are still competitive deals to be had:

Best for easy access

  • The Santander Instant Access Saver pays 2.50%, including a 1.50% bonus for 12 months.
  • Savers can invest between £1,000 and £2m into the account, which can also be operated by telephone as well as in branch.
  • Savers can get instant access to their money, either in branch or by electronic transfer to another account.

Best for Cash ISA

  • Savers looking to invest both this and previous years cash ISA allowances could consider the Champion ISA from Nationwide Building Society.
  • The account guarantees to pay the average of the top five branch based cash ISAs from a selection of high street providers and currently pays 2.73%, including a 1.21% bonus until 30 June 2012.
  • Savers must give 60 days' notice to make a withdrawal, although earlier access is permitted subject to a loss of 60 days' interest.

Best for fixed rates

  • If savers are prepared to commit funds for a year then Cheltenham & Gloucester is offering a rate of 3.10%.
  • For savers after a regular income a monthly interest option is available.
  • Between £100 and £3m can be invested into the account, with further additions permitted whilst the issue remains opened.
  • The account matures on 19 July 2012, with earlier access permitted subject to a 120 days' loss of interest penalty.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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