Product focus: Online accounts - Savings - News - Moneyfacts


Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 22/01/2010
First Published: 15/10/2009

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 It is now over 6 months old so the content may be out of date.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 growing number of savers are choosing accounts that can be operated online, as they can be operated at the click of a mouse therefore saving time and avoiding the inconvenience of travelling to a branch. Providers offer a wide range of products for online savers. Here are the current top three products.

Saffron Building Society – Online Goal Saver

This account pays a variable rate of 2.85pc and the gross rate is guaranteed to be equal to 2.35pc 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 2.49pc and the gross rate is guaranteed to be at least 1.00pc above bank base rate until 31st December 2009. A monthly interest option is also available at a lower rate of 2.46pc. 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 2.20pc and a monthly interest option is also available at 2.05pc. 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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.