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Product focus: Introductory bonus accounts

Product focus: Introductory bonus accounts

Category: Savings

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

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 It is now over 6 months old so the content may be out of date.

A large number of savings account providers use introductory bonuses to help boost a product's initial rate and attract new business. It is important to remember that bonuses only run for a limited period, usually around 12 months, so savers need to review their options before the period expires to avoid reverting to a lower rate. Here is a selection of some of the current best savings products which include introductory bonuses and pay interest monthly.

Post Office – Online Saver

The Online Saver pays a monthly rate of:

  • 2.87% including a bonus of 1.23% for twelve months.
  • Savers can invest between £1 and £2m.
  • Advance notice is not required to access funds, although all withdrawals must be made via a nominated account.
  • The account can be operated online only by savers aged 18 and over.

Santander– eSaver Issue 2

This online only account from Santander pays a monthly rate of:

  • 2.72% including a 2.23% bonus variable for twelve months.
  • Investments range between £1 and £2m.
  • Funds can be accessed immediately without advance notice or penalty, although there is a daily cash machine withdrawal limit of £300.
  • The account is available to savers aged 16 and over.

ING Direct (UK) – Savings Account

This account pays a rate of:

  • 2.67%. The AER rate is guaranteed to be fixed at 2.70% for twelve months.
  • Investments range between £1 and £100,000.
  • Funds can be accessed without advance notice, although all withdrawals must be made via a nominated account.
  • The account is available to savers aged 18 and over and can be operated by telephone or online.

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 Any products featured may be withdrawn by their provider or changed at any time.

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