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Product Focus: Savings Accounts with Bonuses

Product Focus: Savings Accounts with Bonuses

Category: Savings

Updated: 21/01/2010
First Published: 29/07/2009

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 It is now over 6 months old so the content may be out of date.

Many providers are currently adding fairly large bonuses to their accounts to increase rates. In the short term this is great news for savers as they can enjoy a higher rate of return.

However, it is important that they are aware of the bonus timescale. If not, they could find themselves losing out further down the line.

Nottingham Building Society – Postal Access 50

This deal pays a variable rate of 3.15 per cent, including a bonus of 0.90 per cent for 12 months. Investments range from £1,000 up to £250,000, although money paid into this account cannot come from an existing Nottingham Building Society account. 50 days notice period is required to access funds. Account holders must be aged 16 or over.

Newcastle Building Society – Reward Saver

Newcastle Building Society's Reward Saver account pays a variable rate of 3.00%, although savers opting for the monthly interest option will receive a slightly lower rate of 2.91%. A bonus of 1.00 per cent is payable for 12 months. Savers can invest between £500 (£5,000 for the monthly interest option) and £1 million. Early access is allowed, subject to 120 days loss of interest.

Principality Building Society – 30 Day Direct Issue 1

This deal from Principality Building Society pays a variable rate of 2.90 per cent including a bonus for 12 months of 1.00 per cent. A notice period of 30 days is required to access funds. A lower rate of 2.86 per cent is available to savers wishing to opt for the monthly interest rate. Investments range from £1,000 to £500,000 for savers aged 16 or over. Early access is allowed, subject to 30 days loss of interest.

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 Any products featured may be withdrawn by their provider or changed at any time.

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