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Product Focus: Savings accounts with bonuses

Product Focus: Savings accounts with bonuses

Category: Savings

Updated: 21/01/2010
First Published: 02/10/2009

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 It is now over 6 months old so the content may be out of date.
Banks and building societies often use bonuses to boost their savings rates. Although savers may enjoy a higher rate of return, it is important to bear in mind the length of the bonus period to avoid losing out further down the line.

The following accounts do not require advance notice to access funds.

West Bromwich Building Society – Branch Bonus Account

This account pays a rate of 3.75 per cent including a bonus of 1.00 per cent until 31st August 2010. A monthly interest option is available, paying 3.69 per cent with a bonus of 0.97 per cent until 31st August 2010. Investments range from £100 to £500,000. 2 withdrawals are allowed a year. 1.05 per cent is paid on the third withdrawal until 31st August 2010 and 0.05 per cent until 1st April when a new account year begins. After this the account reverts to the headline rate. Cash can be accessed immediately with no penalties. This product only accepts new money to West Bromwich Building Society. There are no age restrictions for savers, although the account can only be operated in branches with a passbook.

Citibank – Flexible Saver Issue 6

Citibank's Flexible Saver account pays a rate of 3.25 per cent including a bonus of 2.25 per cent for 12 months. Interest is paid monthly on the day the account was opened. No advance notice is required to access funds and savers can invest between £1 and £1m. The account can only be opened by new customers to Citibank and can be operated in branch, by telephone or online. Savers must be aged 18 and over.

Sainsbury's Finance – Online Saver

Savers who make fewer than four withdrawals a year will receive a rate of 3.20 per cent including a bonus of 2.70 per cent for 12 months. A monthly interest option, within these access restrictions, is also available with a rate of 3.15 per cent including a bonus of 2.65 per cent for 12 months. If more than four withdrawals are made within a year, a rate of 0.50 per cent is paid. Savers can invest between £1,000 and £500,000. Funds can be accessed without advance notice and without penalty. The account is available to savers aged 18 and over and can be operated online only.

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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