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Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 06/04/2010
First Published: 06/04/2010

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 It is now over 6 months old so the content may be out of date.

A growing number of savers with busy lifestyles are choosing online accounts to conduct their finances. A rise in the number of mobile phones with internet availability and laptops means these accounts can be accessed on the move at any time, at the click of a button. Here are the current top three online savings accounts.

West Bromwich Building Society – Direct Bonus Account 1

This account pays an annual rate of 3.00pc including a bonus of 1.00pc until 31 January 2011. Savers can invest between £1,000 and £100,000, but must be new money to the institution. No notice is required to access funds, although a maximum of three withdrawals, made by BACS to a nominated account, is allowed during a year. A rate of 0.05pc (1.05pc during the bonus period) is paid on the fourth withdrawal until 1 May each year, when a new year begins. The account can be operated by post, telephone and online.

Bank of Scotland – Halifax Web Saver Extra

The Web Saver Extra account pays 2.80pc on its anniversary for non current account customers. Savers can invest a minimum of £1 and there is no maximum amount. No advance notice is required to access funds, although only one penalty free withdrawal is allowed within a year. Any further withdrawals exceeding this condition will be subject to 30 days loss of interest. The account is available online only to savers aged 11 and over and can be opened in trust for children.

AA – AA Internet Extra Issue 3

This account pays 2.80pc on its anniversary including a 2.30pc bonus for twelve months. Investments range from £1 to £1m. No notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated online only by savers aged 18 and over.

Find the best savings accounts for you - Compare online 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 Any products featured may be withdrawn by their provider or changed at any time.