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Product Focus: Savings Accounts with bonuses

Product Focus: Savings Accounts with bonuses

Category: Savings

Updated: 22/01/2010
First Published: 22/06/2009

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 It is now over 6 months old so the content may be out of date.

With Bank Base Rate at an all time low, many providers are adding large bonuses to their savings accounts in order to increase the rate. While the short term benefits are good, just make sure you remember to review the rate when the bonus ends, or you could lose out in the long run.

Birmingham Midshires – Telephone Extra

The new Telephone Extra from Birmingham Midshires is paying a market leading rate of 3.15 per cent, including a 2.65 per cent bonus for 12 months. Savers can invest up to £2 million into the account, which offers the option of monthly interest. No notice is required to access funds, but all withdrawals must be made via a nominated account.

Principality Building Society – eSaver Issue 2

Customers bringing new money to Principality Building Society are being offered a rate of 2.85 per cent, including a 1.20 per cent bonus for 12 months on the eSaver account. Savers can invest up to £1 million in the online based account and are not required to give notice to access their money, but all withdrawals must be made via a nominated account.

ING Direct UK – Savings Account

New customers to ING Direct UK can get a rate of 2.72 per cent on its Savings Account. The rate includes a 2.22 per cent bonus for 12 months and savers can invest up to £1 million. The account is operated online or by telephone and interest is paid monthly. No notice is required to make a withdrawal, but all money must be transferred to a nominated current account.

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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