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Product focus: Monthly interest online accounts

Product focus: Monthly interest online accounts

Category: Savings

Updated: 17/08/2010
First Published: 17/08/2010

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 It is now over 6 months old so the content may be out of date.

Recent reports have suggested a decline in the popularity of online banking, with many account-holders returning to more traditional methods of handling their finances.

Despite these claims, a large number of savings accounts cater for the online savvy and offer a variety of accounts to suit different customer needs.

Here is a selection of the current best monthly interest online only accounts.

Santander– eSaver Issue 2

This account pays a rate of 2.72% including a bonus of 2.23% variable for twelve months. Savers can invest between £1 and £2 million. Funds can be accessed instantly, although there is a daily cash machine withdrawal limit of £300. The account is available to savers aged 16 and over.

SAGA – SAGA Internet Saver

SAGA's Internet Saver account also pays a monthly rate of 2.72%, with a 1.00% bonus for twelve months. Investments range between £1 and £1 million. No advance notice is required to access funds, although all withdrawals must be made via a nominated account. The account is available to savers aged 50 and over.

Sainsbury's Finance – Easy Saver

This account pays 2.67%, including a bonus of 2.17% for twelve months, to savers who make up to five withdrawals a year and invest between £1 and £100,000. Those who make six or more withdrawals a year and invest between £1 and £2 million, will receive a lower rate of 0.50% and no bonus. Funds can be accessed without advance notice, although all withdrawals must be made via a nominated account. Savers must be aged 18 and over to operate this account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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