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Product Focus: Online accounts

Product Focus: Online accounts

Category: Savings

Updated: 22/01/2010
First Published: 08/10/2009

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 It is now over 6 months old so the content may be out of date.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 popularity of online savings accounts continues to grow, mainly because they offer savers the convenience of checking and operating their account at the click of a mouse whenever and wherever they like.

Here are the current top internet based savings accounts.

Saffron Building Society – Online Goal Saver

This account pays a variable rate of 2.85 per cent and the gross rate is guaranteed to be equal to 2.35 per cent above bank base rate until 31st August 2010. Investments range from £10 to £2m. No notice is required and all transactions must be made via a nominated account. Account holders must nominate savings goals, such as buying a car, when opening the account which is done through the Saffron Moneytree website. The account can be opened by savers aged 16 and over.

Intelligent Finance - Isaver

Intelligent Finance's online account pays a rate of 2.49 per cent and the gross rate is guaranteed to be at least 1.00 per cent above bank base rate until 31st December 2009. A monthly interest option is also available at a lower rate of 2.46 per cent. Savers can invest between £1 and £99,000. No notice is required to access cash and all withdrawals must be made by BACS or CHAPS payment. Customers with an existing Intelligent Finance mortgage can offset their savings against their mortgage. Savers must be aged 16 or over to operate this account.

Market Harborough – onthedot Easy Access

This account pays a rate of 2.20 per cent and a monthly interest option is also available at 2.05 per cent. Savers can invest from £1 to £150,000 and the minimum balance allowed is £1. The initial deposit must be made by personal cheque. No advance notice is needed to access funds. Savers must be aged 16 or over to open this account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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