Barclays have this week launched a new internet savings account which comes with an introductory interest bonus period.

The Barclays e-savings Reward account comes with a competitive interest rate of 5.25% AER (variable) in months when no withdrawals are made from the account. This interest rate includes the 12 month introductory bonus of 0.75% gross.

Once the 12 month introductory bonus expires, Barclays guarantee that until 1 January 2010 the higher gross interest rate (when no withdrawals are made) will not be lower that 0.5% below the Barclays Bank base rate.

In the months when withdrawals are made you will earn a lower interest rate of 3.17% AER (variable), which also includes the 0.75% introductory bonus for 12 months.

The Barclays e-savings Reward account can be opened by anyone aged 18 or over with as little as £1 and has a maximum balance limit of £2 million. There is a limit of two accounts per customer.

As this account is an online saver, the account must be managed online. However, cash withdrawals can still be made using a cash machine up to a limit of £300 per day from a Barclays ATM.

Click the link for more information about the Barclays e-savings Reward account.

Online savings account management not for you? Compare savings accounts to find the account which best suits your needs.