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Product focus: Online savings accounts

Product focus: Online savings accounts

Category: Savings

Updated: 27/07/2010
First Published: 27/07/2010

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 It is now over 6 months old so the content may be out of date.

Online savings accounts have risen in popularity in recent times, mainly because they are so convenient to use. Savers can access their details whenever they wish, avoiding time consuming telephone calls and trips to branches. There are also plenty of online savings accounts available to those who might find immediate access to funds a little too tempting, particularly during the summer sales. Here is a selection of the current best online notice accounts.

Newcastle Building Society – Reward Saver

This savings account pays 2.75pc on its anniversary including a 1.00pc bonus for twelve months. A monthly interest option is available at 2.66pc including the same bonus. Savers can invest between £500 and £1m, although the monthly interest option requires a minimum deposit of £5,000. Advance notice of 120 days must be given to access funds, although early access is allowed, subject to 120 days loss of interest. The account is available to savers aged 18 and over and can be operated in branch, by post, telephone or online.

Aldermore – 45 Day Notice Savings Account

This savings account from Aldermore pays 2.54pc on its anniversary. The AER is guaranteed to be at least 0.50pc above bank base rate until 1 June 2011. A monthly interest option is also available at 2.51pc with the same guarantee. Investments of between £1,000 and £1m are allowed. As the name suggests, 45 days notice must be given to access funds, while early access is not allowed. All withdrawals must be made via a nominated account. The savings account is available to savers aged 18 and over and can be operated by post, telephone and online.

FirstSave – 90 Day Notice Savings Account – Base Rate Linked

This online only savings account pays 2.50pc on its anniversary, with the gross rate guaranteed to be equal to 2.00pc above bank base rate. Investments can range between £100 and £2m, although savers opting for the monthly interest option, available at 2.47pc with the same guarantee, must invest a minimum deposit of £5,000. Advance notice of 90 days is needed to access funds, although early access is allowed subject to 90 days loss of interest. All withdrawals must be made via a nominated account. This savings account is available to savers aged 18 and over.

Find the best savings accounts online - Compare all savings accounts

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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