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Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 22/01/2010
First Published: 26/11/2009

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 It is now over 6 months old so the content may be out of date.

Savers who lead busy lives are best suited to online accounts. Internet based accounts allow savers to manage their finances whenever or wherever they like, particularly with the rise in popularity of laptops and iPhones.

Here are the current top online savings accounts.

Saffron Building Society – Online Goal Saver

This account pays a rate of 2.85%. The gross rate is guaranteed to be equal to 2.35% above bank base rate until 31st August 2010. Savers can invest between £10 and £2 million and must inform the building society of a goal to which they are saving towards when opening the account. No notice is required to access funds. All withdrawals must be made via a nominated account. Savers must be aged 16 and over to operate this account.

Halifax - Web Saver Extra

This account pays a rate of 2.80%. Savers must invest a minimum of £1 into the account. No notice is required to access funds, although the number of withdrawals is restricted to one each year, penalty free. If more than one withdrawal is made each year, savers will incur a loss of 30 days' interest on each withdrawal. Minimum age for savers is 11 years.

Skipton Building Society – Web Saver

Skipton Building Society's online account pays an annual rate of 2.76% and the gross rate is guaranteed to be at least 2.50% until 31st December 2011. A monthly interest option is also available at 2.66%. The gross rate for monthly interest is guaranteed to be at least 2.40% until 31st December 2011. Savers can invest between £500 and £1 million. No notice is required to access funds, although all withdrawals must be made via the internet to a nominated external account or internal transfer to a Skipton account. Although the account is online only, deposits can also be made in branch (cash or cheque) or by post (cheque). Savers must be aged 16 and over to operate the account.

Find the best savings accounts for you - 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 Any products featured may be withdrawn by their provider or changed at any time.

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