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Product focus: Bonus rate accounts

Product focus: Bonus rate accounts

Category: Savings

Updated: 28/01/2010
First Published: 27/10/2009

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 It is now over 6 months old so the content may be out of date.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 the last year there has been a significant increase in the number of accounts using a bonus as a large part of the rate. The onus is on the saver to review the rate payable when the bonus ends, as the provider doesn't have to remind them. For those savers not wanting a bonus as part of the rate, there are still competitive deals around.

Saffron Building Society – Online Goal Saver

The Online Goal Saver from Saffron Building Society is currently paying 2.85pc and guarantees to pay 2.35pc above bank base rate until 31st August 2010. Savers can invest between £10 and £2m, but must set a designated goal when the account is opened. No notice is required to access funds but all withdrawals must be made via a nominated account.

FirstSave – 90 Day Notice

FirstSave is currently paying 3.25pc on its 90 Day Notice account. The account guarantees to pay 0.25pc above bank base rate until 1st January 2010 and equal to bank base rate until 1st January 2012. Savers can invest up to £2m into the account, with a monthly interest option available for those after a more regular income. If a withdrawal is required, savers must either give 90 days' notice or lose 90 days' interest for earlier access.

West Bromwich Building Society – No Notice Saver Direct

The No Notice Saver Direct account from West Bromwich Building Society is currently paying 2.80pc and guarantees to pay at least bank base rate until 30th April 2010. Savers can invest up to £1m into the account, which also has a monthly interest option available. No notice is required to make a withdrawal, but if four or more withdrawals are made, just 0.05pc is paid until 1st May.

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 Any products featured may be withdrawn by their provider or changed at any time.

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