Product focus: High street savings - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: High street savings

 Product focus: High street savings

Category: Savings

Updated: 02/12/2009
First Published: 30/11/2009

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 It is now over 6 months old so the content may be out of date.

The UK savings market has seen a number of new entrants in the last few years, all offering attractive rates as they look to increase their brand awareness. However, despite the banking crisis, a number of savers still prefer to go for a high street name that is well known to them. Smaller players tend to offer the best deals, but there are competitive deals from the high street.

Alliance & Leicester – Online Saver Issue 6

The Online Saver account from Alliance & Leicester is paying 3.00pc, including a variable bonus of between 1.50pc and 2.50pc for 12 months, depending on the amount invested. Savers can invest up to £2m into the online operated account. No notice is required to make a withdrawal, but all transactions must be made via a nominated account.

Nationwide Building Society – 3 Year 50+ Fixed Rate ISA

Savers aged 50 years and over and being offered a market leading rate of 4.00pc from Nationwide Building Society on its 3 Year 50+ Fixed Rate ISA. Savers can invest from £1 into the account, which accepts transfers in from other providers. The account also has a monthly interest option for those looking for a regular income. Once opened, further additions are not permitted and access to funds during the term is available on closure only and will be subject to a loss of 270 days' interest.

Post Office – Growth Bond Issue 10

For savers looking for a short term commitment, the Post Office is offering some of the highest rates on the market. Its two year bond pays a market leading 4.25pc, while its one year bond pays just below the market leader at 3.70pc. Savers can invest between £500 and £1m into the bond, which can be operated in branch, online, by post or telephone. Once opened, further additions and earlier access is not permitted.

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 Any products featured may be withdrawn by their provider or changed at any time.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

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.