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Product Focus: Online Savings Accounts

Product Focus: Online Savings Accounts

Category: Savings

Updated: 22/01/2010
First Published: 28/07/2009

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 It is now over 6 months old so the content may be out of date.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 banking's popularity is continually rising, as it enables consumers to access and operate their accounts when and wherever they like.

Most providers offer a range of products dedicated to savers who prefer to manage their funds via the internet. None of the following deals have a notice period for accessing funds or offer bonuses.

Newcastle Online Saver – Newcastle Building Society

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 (£1000 for the monthly interest option) to £500,000. 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 also pays a variable rate of 2.50 per cent, although the monthly interest option rate is 2.47 per cent. Investments for this account range vastly, from £1 to £1 million, for those aged over 16. Withdrawals must be made by BACS payment to a nominated account. Further additions are allowed either by BACS payment or debit card.

Saffron Building Society – Online Goal Saver

The Online Goal Saver account pays a variable rate of 2.30 per cent. When opening the account, savers must nominate a 'goal' for which they are savings towards. Each time a new 'goal' is nominated, a separate Goal Saver account is opened. Investments range from £10 up to £2 million and a minimum balance of £10 must be maintained whilst the account is opened. Transfers can be made to up to five nominated account by BACS payment, direct debit or standing order.

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 Any products featured may be withdrawn by their provider or changed at any time.

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