Product focus: Savings accounts - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: Savings accounts

Product focus: Savings accounts

Category: Savings

Updated: 21/01/2010
First Published: 02/11/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

If you are looking for a new savings deal, it is always worth considering smaller players in the market as they currently tend to offer the most competitive deal.

However, many people may prefer to put their money with a high street bank and some do offer a few attractive rates.

Halifax – Web saver

Savers who can commit their money for five years can get one of the market leading rates of 5.25 per cent from Halifax. The account is available over shorter terms, but pays a reduced rate. Between £500 and £9 million can be invested into the account, which is operated online. Once opened, savers cannot make further additions or make a withdrawal until the bond matures.

Barclays Bank – Monthly Savings

The Monthly Savings account from Barclays Bank is currently in the best buys and pays a rate of 4.17 per cent. Savers can invest between £20 and £250 per month into the account, which is operated in branch, online or by telephone. Savers can get instant access to their money, but a 1.18 per cent interest is lost for that month if a withdrawal is made.

Abbey – eSaver (Issue 2)

The eSaver issue 2 from Abbey pays 2.50 per cent, which includes a 2.00 per cent bonus for 12 months. Savers can invest up to £2 million into the online based account. The account comes with a cash card with a maximum daily withdrawal limit of £300.

Find the best savings account for you - compare 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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.