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Product Focus: Internet savings accounts

Product Focus: Internet savings accounts

Category: Savings

Updated: 27/05/2009
First Published: 27/05/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

In today's climate of record low interest rates, it is easy to be drawn in by higher rates offered by fixed rate bonds. The principle still applies: the longer you commit your money to an institution, the better your interest rate will be in return. But it is imperative that a portion of your savings is placed on an easy access account, where you might not receive top returns but will ensure that those emergency expenses are covered. Internet savings is a viable option for those with access to the web.

Yorkshire Building Society – Internet Saver

Yorkshire Building Society is offering an internet account paying 2.10 per cent. This instant access account is available to anyone from 16 years and older with a minimum investment of just £1 and a maximum of £1m. Interest is paid yearly on 31 March and the initial deposit can be made by cheque.

Norwich & Peterborough Building Society – E-Saver Issue 2

Norwich & Peterborough Building Society is paying 2.00 per cent on its E-Saver Issue 2. Invested funds have a no notice period for withdrawals and interest is paid yearly on 1 January. Minimum investment is just £1 and their maximum is £1m. Initial deposits can be made by cheque, but unfortunately this account can only be funded by money transferred from elsewhere.

ICICI Bank UK – HISAVE Savings

ICICI Bank UK is also offering a 2.00 per cent return on your savings on its HISAVE Savings internet account. ICICI bank UK have conformed that its rate will beat the Bank of England Base Rate by at least 0.30 per cent until December 2011 at the earliest. This account allows a choice of either monthly or annual interest (on 31 March). Minimum investment is just £1, but you must be 18 years and over to apply for this 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 Any products featured may be withdrawn by their provider or changed at any time.