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Product focus: Introductory bonus accounts

Product focus: Introductory bonus accounts

Category: Savings

Updated: 07/02/2011
First Published: 07/02/2011

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 It is now over 6 months old so the content may be out of date.

Product focus: Introductory Bonus Accounts

Many providers include introductory bonuses to help boost their initial rates.

Introductory bonuses often run for a limited period, typically twelve months, after which the rate will drop to a significantly lower figure unless funds are switched to another competitive account.

A range of accounts still offer good rates without introductory bonuses which may appeal to customers who wish to keep their funds in one place.

Here is a selection of some of the best no notice accounts which can be operated by telephone.

West Brom Building Society – No Notice Saver Direct Issue 2

  • This account pays a rate of 2.40% to savers investing between £1,000 and £99,999.
  • A lower rate of 0.10% is paid for deposits between £100,000 and £1m. No advance notice is required to access funds although only three withdrawals, by BACS, are allowed a year.
  • Further withdrawals will be subject to 60 days' loss of interest until the 1st of May each year.
  • The account can be operated by telephone and post by savers of all ages.

Skipton Building Society – Instant Access Telephone Saver

  • This account pays an annual rate of 2.25% to savers investing between £25,000 and £1m. Savers with deposits between £1 and £9,999 will receive a rate of 1.00%, while those investing £10,000 and £24,999 will receive 2.00%.
  • Funds can be accessed without advance notice although all withdrawals must be made by BACS, cheque or transfer.
  • The account can be operated by savers aged 16 and over by telephone only, although the initial deposit can be made by cheque.

National Savings & Investments – NS&I Direct Saver

  • The Direct Saver account pays an annual rate of 1.75%.
  • Savers can invest between £1 and £2m.
  • No advance notice is needed to access funds, although all withdrawals must be made by transfer to a nominated account.
  • The account is available to savers aged 16 and over and can be operated by telephone or online.
  • The initial deposit must be made by debit card.
Find the best savings accounts for you - Compare notice 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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