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


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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Average five-year fixed bond rate falls below 2%

Long-term fixed rate bonds used to be the top solution for savers looking to get a decent return on their savings, but unfortunately, times have changed, with our latest data revealing that the average five-year rate has fallen to a new record low.

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.