Product focus: Online accounts - Savings - News - Moneyfacts


Product focus: Online accounts

Product focus: Online accounts

Category: Savings

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

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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 Any products featured may be withdrawn by their provider or changed at any time.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

Average five-year fixed bond rate falls below 2%

Long-term fixed rate bonds used to be the top solution for savers looking to get a decent return on their savings, but unfortunately, times have changed, with our latest data revealing that the average five-year rate has fallen to a new record low.

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.