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Product focus: Online accounts with bonuses

Product focus: Online accounts with bonuses

Category: Savings

Updated: 04/05/2010
First Published: 04/05/2010

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 It is now over 6 months old so the content may be out of date.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 do not have time to visit a branch or require access to funds at short notice may be best suited to an online account.

Many providers offer accounts designed solely for online use.

Here is a selection of the best online accounts which do not require notice and include an introductory bonus.

West Bromwich Building Society – Direct Bonus Account 1

This account pays an annual rate of 3.00pc including a bonus of 1.00pc until 31st January 2011. Investments range between £1,000 and £100,000. Must be new money to the institution. Funds can be accessed without advance notice although only three withdrawals are allowed in a year. A rate of 0.05pc will be paid (1.05pc during the bonus period) on the fourth withdrawal until 1st May each year when a new year begins. All withdrawals must be made by BACS to a nominated account. The account is available to savers of all ages and can be operated by post, telephone and online.

AA – AA Internet Extra Issue 3

This account pays 2.80pc on its anniversary including a 2.30pc for twelve months. Savers can invest between £1 and £1m. Funds can be accessed without advance notice or penalty and all withdrawals must be made via a nominated account. The account can be operated by savers aged 18 and over online only.

Tesco Bank – Internet Saver

The rate for this online only account is dependent on the investment amounts, as follows. For investments between £1 and £99,999, an annual rate of 2.75pc is paid including a bonus of 1.50pc for twelve months. Deposits between £100,000 and £1m will receive a rate of 1.25pc. The bonus only applies to new Internet Saver customers only. No notice is required to access funds and all withdrawals must be made via a nominated account. Only one account can be held per person. The account is available to savers aged 18 and over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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