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What the www. are internet savings accounts?

What the www. are internet savings accounts?

Category: Savings

Updated: 07/09/2010
First Published: 07/09/2010

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 It is now over 6 months old so the content may be out of date.

How on earth did we manage to get by before the internet was invented?

The use of the world wide web is so integrated into our every day lives that it is nigh on impossible to remember what life was like before it.

Most will surely agree that the internet has improved our lives for the better, and this is exactly what internet savings accounts aim to do.

The introduction of internet banking has changed the way in which we are able to manage our finances.

Internet savings accounts are great for people who do not have time, or perhaps can't, make their way to a bank or building society on the high street.

An internet savings account is always open, at any time of the day, week, month or year, providing savers with the ultimate level of banking convenience.

Queues do not exist, opening hours are not a problem, the car does not have to come out of the garage.

What is more, as you banking from the comfort of your home means the bank has smaller outlays to make in terms of branches and staff, the interest rates available on internet operated accounts tend to be better than those offered in branch.

Setting up standing orders, making withdrawals, paying bills, transferring money, and seeing your statements; these are all transactions that can usually be carried out at the click of a button.

And just because you're managing your money online, it does not mean the range of savings accounts from which you can choose is any smaller than on the high street.

Internet savings accounts come in all shapes and sizes, from instant access to fixed term accounts; from bonus accounts to ISAs.

For instance, the West Bromwich Building Society Websave Plus account is a fine example of a no notice internet savings account, paying a competitive rate of 2.51%.

Alternatively, if you're willing and able to leave your money untouched for a year, Barclays' Monthly Saving 12 Month Bond will pay 3.25%.

Whatever you are looking for in a savings account, you will almost certainly be able to find it online.

Why not take a look at our internet savings account best buy chart and see if you can make your life easier and make your money work harder for you too.

Find the best savings rates 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.

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