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Product focus: Online introductory bonus accounts

Product focus: Online introductory bonus accounts

Category: Savings

Updated: 12/10/2010
First Published: 12/10/2010

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 It is now over 6 months old so the content may be out of date.

Many of the savings accounts in the market at present include introductory bonuses. While bonuses boost the initial rate, it is important to remember that they only run for a limited period, often twelve months. Introductory bonuses account for a large part of the overall rate, so once the bonus period expires, the rate will drop considerably. Savers should keep an eye on when their bonus is due to expire to avoid any nasty surprises. Here is a selection of the best online savings account rates which all include introductory bonuses.

Natwest – e-Savings

The e-Savings account pays a monthly interest rate of 2.85% including a bonus of 1.85% for twelve months. For accounts opened from 29 September 2010, the bonus accrues from the 15th day of the month after the account was opened, for twelve months. This is paid on the last working day of the month. Savers can invest a minimum of £1, although there is no maximum deposit amount. No notice is required to access funds. The account can be operated online only by savers aged 18 and over.

Post Office – Online Saver

The Online Saver account pays 2.75% including a 1.25% bonus for twelve months, although a monthly interest option which pays 2.72% including a 1.23% bonus for twelve months is also available. Investments can range between £1 and £2m, and while no advance notice is needed to access funds, all withdrawals must be made via a nominated account. The account can be operated online only by savers aged 18 and over.

Santander– eSaver Issue 2

This account from Santander pays 2.75% on its anniversary including a 2.25% variable bonus for twelve months. A monthly interest option is also available at 2.72% with a bonus of 2.23% variable for twelve months. Investments can range between £1 and £2m, and while funds can be accessed immediately without advance notice, there is a daily cash machine withdrawal limit of £100. The account can be operated online only by savers aged 16 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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