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Product Focus: Online Savings Accounts

Product Focus: Online Savings Accounts

Category: Savings

Updated: 22/01/2010
First Published: 11/08/2009

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 It is now over 6 months old so the content may be out of date.

Online savings accounts are becoming increasingly popular. Savers, particularly those with busy lifestyles, can conveniently monitor and operate their accounts at the click of a mouse when and wherever they wish.

Providers have responded by offering a range of deals catering for the online saver. Here is a snapshot of the best deals currently available.

Saffron Building Society – Online Goal Saver

Saffron Building Society's new Online Goal Saver account pays a variable rate of 2.85 per cent. When opening the account, savers must nominate a 'goal' for which they are saving. Each time a new 'goal' is nominated, a separate Goal Saver account is opened. Investments range from £10 up to £2m and a minimum balance of £10 must be maintained whilst the account is opened. Minimum age for savers is 16 years. Transfers can be made to up to five nominated accounts by BACS payment, direct debit or standing order.

Newcastle Building Society - Newcastle Online Saver

This reasonably recent addition to Newcastle Building Society's savings range pays a variable rate of 2.50 per cent. A monthly interest option is available at a slightly lower rate of 2.25 per cent. Investment amounts range from £1 (£1,000 for the monthly interest option) to £500,000. No notice is required to access funds. Transactions must be made by BACS via a nominated account. Savers must be over 18 to operate this account. This account matures on 30 June 2011.

Barnsley Building Society – Online Saver

This deal pays a variable rate of 2.50 per cent, although there is a monthly interest option with a rate of 2.47 per cent. Investments for this account range from £1 to £1 million, for savers aged 16 and over. No notice is required to access funds, although withdrawals must be made by BACS payment to a nominated account. Further additions are allowed either by BACS payment or debit card.

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 Any products featured may be withdrawn by their provider or changed at any time.

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