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 Any products featured may be withdrawn by their provider or changed at any time.
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