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Product focus: High street bank savings accounts

Product focus: High street bank savings accounts

Category: Savings

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 It is now over 6 months old so the content may be out of date.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 savers still prefer to invest their money with a large high street bank – despite recent events showing that even the largest of banks are not infallible. While the majority of the best savings deals on the market are being offered by smaller providers, the larger ones do offer some competitive deals.

Alliance & Leicester – Online Saver Issue 5

Alliance & Leicester is paying 3.15pc on its Online Saver account, including a variable bonus of between 1.65pc and 2.65pc depending on the amount invested. Savers can invest up to £2m in the online based account. No notice is required to make a withdrawal, but all withdrawals must be made via a nominated account.

Nationwide Building Society – Five Year Fixed Rate ISA Bond

Those looking to invest this and/or previous years ISA allowance are being offered a rate of 5.40pc from Nationwide Building Society on its Five Year Fixed Rate ISA Bond. Savers can currently invest up to £43,200 into the account, which accepts transfers in. Before investing funds savers should consider if they will need the money as access is available on closure only, subject to a loss of 365 days' interest.

Halifax – Guaranteed Reserve

Halifax is currently offering a rate of 4.15pc on its Guaranteed Reserve account if savers commit funds for two years. Savers can invest between £500 and £9m into the account, with a monthly interest option available for those looking for a regular income. The account can be operated in branch, online or by telephone, with access to funds available after six months subject to a penalty. The account is also available over a 6 month, one year or three year term.

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 Any products featured may be withdrawn by their provider or changed at any time.