Product focus: Online accounts - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 08/12/2009
First Published: 08/12/2009

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 It is now over 6 months old so the content may be out of date.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 internet has become a modern way of life. As well as shopping and social-networking, the internet is a popular choice for many savers to conduct business.

As a result, many providers offer a wide range of online savings accounts, ranging from no notice to instant access.

Here is a snapshot of the current market leading online accounts.

Saffron Building Society – Online Goal Saver

This account pays a rate of 2.85% and the gross rate is guaranteed to be equal to 2.35% above bank base rate until 31 August 2010. Savers who wish to open a Goal Saver account must choose a goal which they are savings towards, for example a holiday, and each goal will open a separate account. Investments range between £10 and £2 million. No notice is needed to access funds and transactions must be made via a nominated account. Savers must be 16 and over to open this account.

Halifax – Web Saver Extra

Halifax's highest paying online account pays a rate of 2.80%. Savers must make a minimum investment of £1. No notice is required to access funds and one free withdrawal is allowed a year, after which savers will be subject to 30 days' loss of interest on all withdrawals. The minimum age for savers is 11 years old.

Skipton Building Society – Web Saver

Skipton Building Society's online only account pays a rate of 2.76%. The gross rate is guaranteed to be at least 2.50% until 31 December 2011. A monthly interest option is also available at a rate of 2.66% with a guaranteed gross rate of 2.40% until 31 December 2011. Investments range from £500 and £1 million. Funds can be access without notice. Although this is an online account, deposits can be made in branch and by post. All withdrawals made online must be via a nominated external account or internal transfer to Skipton account. Savers must be 16 and over.

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.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close