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Product focus: Internet savings accounts

Product focus: Internet savings accounts

Category: Savings

Updated: 15/12/2010
First Published: 14/12/2010

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 It is now over 6 months old so the content may be out of date.

Internet savings accounts making keeping control of your money simpler. Savers can see at a glance how much money they have in their account and can usually transfer money to another account if a withdrawal is required. Numerous savings accounts are designed just for online customers. The lower cost of running such accounts means savers are offered higher rates than branch based accounts. Here is a selection of some of the best online accounts available:

Post Office – Online Saver
This account from the Post Office pays:

  • 2.90% yearly, including an introductory bonus rate of 1.25% for twelve months.
  • For savers after a regular income, a monthly interest option is also available at 2.87pc including an introductory bonus rate of 1.23% for twelve months.
  • Savers can invest between £1 and £2m.
  • No notice is required to make a withdrawal, but all transactions must be made via a nominated account.
  • The account is available to savers aged 18 years and over.

Nationwide BS – MySave Online Plus

This account pays a rate of:

  • 2.75%, including an introductory bonus rate of 1.25% for twelve months.
  • Savers can invest between £1000 and £3m into the account.
  • One free withdrawal is allowed per annum, any further withdrawals will mean the rate reverts to 0.10% for the month the withdrawal is made.
  • The account is available to savers aged 16 years and over.
Santander– eSaver Issue 2
A rate of:
  • 2.75% is paid on the anniversary of this account including an introductory bonus rate of 2.25% variable for twelve months.
  • A monthly interest option is also available at 2.72% including an introductory bonus rate of 2.23pc variable for twelve months.
  • Savers can invest between £1 and £2m.
  • A cash card comes with the account, giving saver instant access to their money.
  • The account is available to savers aged 16 years and over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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