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Product focus: Online introductory bonus accounts

Product focus: Online introductory bonus accounts

Category: Savings

Updated: 07/01/2011
First Published: 24/11/2010

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 It is now over 6 months old so the content may be out of date.

A large number of banks and building societies use introductory bonuses to help boost their savings account rates. Bonuses often make up a large part of the overall rate and only run for a limited period, often twelve months, after which the bonus falls away. If you are looking to open one of these accounts it is important to make a note of when it is due to expire to avoid reverting to a lower rate. Here is a selection of the current best online accounts which include introductory bonuses.

Nationwide Building Society – MySave Online Plus

This account pays a monthly rate of 2.95% including a bonus of 1.45% for twelve months. Investments range between £1,000 and £3m. Savers can make one notice free withdrawal in a twelve month rolling period. If more than one withdrawal is made during that time, a rate of 0.10% will be paid for the month in which the withdrawal was made. All withdrawals must be made via a nominated account. The account can be operated online only by savers aged 16 and over.

Post Office – Online Saver

The Online Saver account pays an annual rate of 2.90% including a bonus of 1.25% for twelve months. A monthly interest option is also available at 2.87% with a bonus of 1.23% for twelve months. Savers can invest between £1 and £2m. No notice is required to access funds, although all withdrawals must be made via a nominated account. The account is available to savers aged 18 and over and as the name suggests, can be operated online only.

Santander– eSaver Issue 2

This online only account pays 2.75% on its anniversary including a variable bonus of 2.25% for twelve months. A monthly interest option is also available at 2.72% including a variable bonus of 2.23% for twelve months. Investments range between £1 and £2m. Funds can be accessed instantly, although there is a maximum daily cash machine withdrawal limit of £300. Savers must be aged 16 and over to operate this account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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