Product Focus: High Street Finance - Savings - News - Moneyfacts


Product Focus: High Street Finance

Product Focus: High Street Finance

Category: Savings

Updated: 19/06/2009
First Published: 19/06/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
With more complex funding structures than smaller players, the large high street banks do not have to rely so heavily on their savings books to fund their lending. This means that more often than not they do not offer the most attractive savings rates. However, for those that prefer to save with a high street name, there are some competitive deals available.

Halifax – Websaver

Halifax is offering one of the highest rates on the market for a fixed rate bond paying 4.40 per cent on its Websaver account. The bond has a five year term, with slightly lower rates paid for shorter term bonds. Savers can invest between £500 and £9 million into the online based bond, but further additions and access to funds is not permitted during the term.

Abbey – Branch Saver

The Branch Saver from Abbey is open to customers bringing new money to the Santander group and is currently paying 2.50 per cent, including a 2.00 per cent variable bonus for 12 months. The account can be operated in branch, online or by telephone and savers can invest between £5,000 and £2 million. Savers can get instant access to their money if required, but 0.1 per cent interest is paid for the month in which a withdrawal is made.

Barclays Bank – Monthly Savings

The Monthly Savings account from Barclays Bank has been top of the Moneyfacts regular savings best buys for a number of months. Savers can invest between £20 and £250 per month into the account, which pays a fixed rate of 5.84 per cent for 12 months. Savers can get instant access to their money, but a 2.85 per cent loss of interest penalty is payable if a withdrawal is made.

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 Any products featured may be withdrawn by their provider or changed at any time.

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