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Product focus: Online savings accounts

Product focus: Online savings accounts

Category: Savings

Updated: 23/02/2010
First Published: 23/02/2010

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 It is now over 6 months old so the content may be out of date.

Savings accounts which pay interest on a monthly basis can be a handy way for customers to supplement their income, although they tend to pay a slightly lower rate than their annual interest counterparts. Here are the current top three accounts, for savers who prefer to operate their accounts online.

Skipton Building Society – Web Saver

This account pays a rate of 2.66pc on the first working day of the month. The gross rate is guaranteed to be at least 2.40pc until 31 December 2011. Investments range between £500 and £1m and the account can be opened with no balance, pending funds. No advance notice is required to access cash, although all online withdrawals must be made to a nominated external account or internal transfer to a Skipton Building Society account. Savers must be aged 16 and over. Despite this being a Web Saver account, deposits can be made in branch and by post.

Northern Rock – E-Saver Issue 2

Northern Rock's second issue online account pays a rate of 2.48pc with a bonus of 1.00pc for 12 months. Savers can invest between £1 and £250,000. Funds can be withdrawn without notice or penalty, although all withdrawals must be made via a nominated account. Minimum age for savers is 16 years.

Santander – eSaver Issue 2

This account pays a rate of 2.47pc including a bonus of 1.97pc variable for 12 months. Interest is paid on the day of month on which the account was opened. Investments range between £1 and £2m. Funds can be accessed without notice or penalty, although there is a daily cash machine withdrawal limit of £300. The account can be operated with a cash card by savers aged 16 and over.

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 Any products featured may be withdrawn by their provider or changed at any time.