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Product focus: Internet savings accounts

Product focus: Internet savings accounts

Category: Savings

Updated: 25/05/2010
First Published: 25/05/2010

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 internet is a convenient way for savers to operate their savings accounts either at home or on the move. Savers who do not require immediate access to their funds may be interested in internet savings accounts which require advance notice, although it is important to remember that penalties will often apply if cash is accessed early. Here is a selection of the best online notice accounts currently available from well known high street lenders.

Scottish Widows Bank – 60 Day Notice

The rate for this savings account is determined by the amount invested, as follows: for deposits between £100 and £24,999, a rate of 1.80pc is paid, while investments of £25,000 up to £49,999 will receive a return of 1.85pc. Higher deposits between £50,000 and £2m will receive a rate of 1.90pc. All rates include a bonus of 1.25pc for six months, although this bonus is not available to savers who have previously held a Scottish Widows Bank account with an introductory bonus. As the name suggests, 60 days notice must be given to access funds and no early access is allowed. The account is available to savers aged 16 and over and can be operated by post, telephone and online.

Royal Bank of Scotland – Bonus 30

The rates for this RBS account are also tiered depending on deposit amounts and the number of withdrawals made. Savers who invest between £50 and £99,999 and make less than four withdrawals a year will receive a rate of 1.20pc, while those making over four withdrawals a year within this investment tier will receive a rate of 0.20pc. Deposits of £100,000 or over will receive 1.30pc if less than four withdrawals are made, and 0.30pc if four or more withdrawals are made. Thirty days notice must be given to access funds, although early access is allowed, subject to 30 days loss of interest. The account is available to savers of all ages and can be operated in branch, by telephone or online.

Norwich & Peterborough Building Society – 120 Day Notice

This account pays 1.00pc on its anniversary. The underlying gross rate is guaranteed to be at least equal to 1.00pc below bank base rate until 1 January 2011. Savers can invest between £1 and £1m. As the name of the account states, 120 days notice must be given to access funds, although early access is allowed subject to 120 days loss of interest. The account is available to savers of all ages and can be operated in branch, by post, telephone and online.

More of the best selling internet savings accounts, including offerings from Chelsea BS, Halifax, Santander and Triodos Bank, can be found in our internet accounts best buy chart.


Want to see more savings accounts? Find the best savings rates for you - Compare savings 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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