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Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 08/12/2009
First Published: 08/12/2009

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 It is now over 6 months old so the content may be out of date.

The internet has become a modern way of life. As well as shopping and social-networking, the internet is a popular choice for many savers to conduct business.

As a result, many providers offer a wide range of online savings accounts, ranging from no notice to instant access.

Here is a snapshot of the current market leading online accounts.

Saffron Building Society – Online Goal Saver

This account pays a rate of 2.85% and the gross rate is guaranteed to be equal to 2.35% above bank base rate until 31 August 2010. Savers who wish to open a Goal Saver account must choose a goal which they are savings towards, for example a holiday, and each goal will open a separate account. Investments range between £10 and £2 million. No notice is needed to access funds and transactions must be made via a nominated account. Savers must be 16 and over to open this account.

Halifax – Web Saver Extra

Halifax's highest paying online account pays a rate of 2.80%. Savers must make a minimum investment of £1. No notice is required to access funds and one free withdrawal is allowed a year, after which savers will be subject to 30 days' loss of interest on all withdrawals. The minimum age for savers is 11 years old.

Skipton Building Society – Web Saver

Skipton Building Society's online only account pays a rate of 2.76%. The gross rate is guaranteed to be at least 2.50% until 31 December 2011. A monthly interest option is also available at a rate of 2.66% with a guaranteed gross rate of 2.40% until 31 December 2011. Investments range from £500 and £1 million. Funds can be access without notice. Although this is an online account, deposits can be made in branch and by post. All withdrawals made online must be via a nominated external account or internal transfer to Skipton account. Savers must be 16 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 Any products featured may be withdrawn by their provider or changed at any time.