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Product focus: Online accounts

Product focus: Online accounts

Category: Savings

Updated: 27/01/2010
First Published: 27/01/2010

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 It is now over 6 months old so the content may be out of date.

As you can never predict exactly what is round the corner, many people prefer to keep at least part of their savings in an easy access account.

Savers looking to make the most of their money should consider opting for an online operated account . These accounts are cheaper for providers to run and the cost saving is passed on through higher rates.

Some of the most competitive deals at present are:

Scottish Widows Bank – Internet Saver

New customers to Scottish Widows Bank are being offered a rate of 3.01%, including a 1.00% bonus for 12 months. Savers can invest up to £5 million into the account, which has a monthly and quarterly interest option for those looking for a regular income. No notice is required to make a withdrawal, but all transactions must be made via a nominated account.

AA – AA Internet Extra Issue 2

The Internet Extra account from the AA is paying 3.00%, including a 2.50% bonus for 12 months. Savers can invest up to £1 million into the account, which is run by Birmingham Midshires. Savers do not need to give notice to access their funds, but all withdrawals must be made via BACS to a nominated account.

Halifax/Bank of Scotland – Web Saver Extra

The Web Saver Extra account is available from both Halifax and Bank of Scotland. The account pays 2.80% and has no limit on the amount that can be invested. Savers can make one penalty free withdrawal per annum, after which further withdrawals are subject to a 30 days' loss of interest.

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 Any products featured may be withdrawn by their provider or changed at any time.