Bonus puts BM Savings accounts into charts | Product News - Moneyfacts

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Bonus puts BM Savings accounts into charts

Bonus puts BM Savings accounts into charts

Category: Savings
Date: 13/10/2014

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 It is now over 6 months old so the content may be out of date.

BM Savings has reviewed its variable rate products and boosted its no notice bond and easy access ISA by up to 0.25%, thrusting both into the Moneyfacts charts.

The basics…

BM Savings Online Extra (Issue 14) now has a market-leading rate of 1.60% per annum, which includes a 12-month bonus of 1.10%. Meanwhile, BM Savings ISA Extra (Issue 12) also has a new competitive yearly rate of 1.60%, including a bonus of 1.10% for 12 months. It's also available as a monthly interest account, paying 1.59% per month with a 1.09% 12-month bonus.

The finer details…

The ISA can be opened by post, phone and online, and then managed by post. The online bond, as its name suggests, can only be opened and operated via the internet. Both accounts can be opened with just £1.

The ISA and bond offer investors unlimited, penalty-free withdrawals with no notice required. Further additions can also be made and the ISA accepts transfers in of both cash and stocks & shares ISAs.

Why we like them…

Both of these accounts have benefitted from a welcome boost in rates, which sees the bond soar to the top of the Moneyfacts charts and the ISA just behind the market-leaders. The competitive rates, combined with the option to make restriction and penalty-free withdrawals, are sure to attract eager investors. However, the competitiveness of the accounts needs to be reviewed in a year's time when the introductory bonus offer expires.

Four Moneyfacts Stars have been awarded.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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