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Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 22/01/2010
First Published: 19/10/2009

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 It is now over 6 months old so the content may be out of date.

For savers who prefer to have full control of their account, there are many online savings products available. These accounts can be accessed wherever and whenever the saver likes, at the click of a mouse, saving time and avoiding the hassle of visiting a branch.

The following accounts do not require advance notice to access funds.

Sainsbury's Finance - Online Saver

Savers who make fewer than four withdrawals a year will receive a rate of 3.20 per cent including a bonus of 2.70 per cent for 12 months. A monthly interest option, within these access restrictions, is also available with a rate of 3.15 per cent including a bonus of 2.65 per cent for 12 months. If more than four withdrawals are made within a year, a rate of 0.50 per cent is paid. No notice is required to access cash. Savers can invest between £1,000 and £500,000. Funds can be accessed without advance notice and without penalty. The account is available to savers aged 18 and over and can be operated online only.

ING Direct (UK) – Saving Account

This account pays a rate of 3.16 per cent including a bonus of 2.66 per cent for 12 months. The gross rate is guaranteed to be fixed at 3.16 per cent for 12 months. Savers can invest between £1 and £1 million. Interest is paid monthly. No notice is required to access cash but all withdrawals must be made via a nominated current account. The account can be operated online or by telephone, although savers can pay in cheques by post. Savers must be aged 18 and over.

AA – AA Internet Extra Issue 1

The rates for this account vary depending on how much the saver invests. For deposits of between £1 and £499,999 a rate of 3.15 per cent including a bonus of 2.65 per cent for 12 months is paid, but savers with larger deposits of between £500,000 and £1 million will receive a rate of 3.30 per cent with a bonus of 2.80 per cent for 12 months. No notice is needed to access cash, although all withdrawals must be made via a nominated account. The account can only be operated online and is available for savers aged 18 and over.

Compare online 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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