Product focus: Accounts with introductory bonuses - Savings - News - Moneyfacts

News

Product focus: Accounts with introductory bonuses

Product focus: Accounts with introductory bonuses

Category: Savings

Updated: 04/12/2009
First Published: 04/12/2009

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 It is now over 6 months old so the content may be out of date.

The word bonus is a sure-fire way of generating interest from savers, particularly with a personal finance product.

Many savings accounts offer introductory bonuses which boost the initial rate, although they only run for a set period such as twelve months. It is imperative that savers remember when their bonus period expires to avoid the nasty shock of reverting a much lower rate.

The following accounts all offer an introductory bonus.

West Bromwich Building Society – Branch Bonus Account 2

This account pays a rate of 3.35% with an introductory bonus of 0.60% until 30th October 2010. A monthly interest option is also available at 3.30% with a 0.58% bonus for the same period. Savers can invest between £100 and £100,000. Funds can be accessed immediately, although only two withdrawals can be made in a year. 0.65% is paid on the third withdrawal until 31st October 2010, then 0.05% until 1 April when a new year starts. The rate will revert to the headline rate after this. The account can be operated in branch with a passbook by savers of all ages.

Bradford & Bingley Building Society – Notice Saver Online

This online saver account pays an annual rate of 3.30% including a bonus of 2.80% for 12 months. A monthly interest option is also available at 3.25% with a bonus of 2.75% for the same period. Savers can invest between £1,000 and £2 million. 60 days' notice must be given to access funds. Early access is subject to 60 days' loss of interest. Withdrawals must be made via a nominated account. Savers must be aged 16 and over. Although the account can be operated online only, the initial deposit must be by cheque or transferred from a nominated account.

Chelsea Building Society – Rainy Day Savings Issue 4

Chelsea Building Society's Rainy Day account pays a rate of 3.25% with a bonus of 1.50% for 12 months. A monthly interest option is available at 3.20% with the same bonus. Savers must invest between £10,000 and £500,000. If the balance drops below £10,000 a gross rate of 0.50% is paid, all withdrawals are fee free and no bonus is payable. Funds can be accessed instantly by cheque or cash. In the initial twelve months, fee free withdrawals totalling £5,000 are allowed, and after twelve months all withdrawals are fee free. The account can be operated in branch or by post by savers aged 16 and over.

Compare introductory bonus 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.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!
 
Close