Poll
How to Guides
- Guide to savings accounts
Read our comprehensive guide to savings account and make your savings accounts work for you.
Internet Savings Accounts
There are now savings accounts that you can open and administer entirely over the internet. Because they allow banks to save on processing and staff time they are able to offer good rates of interest on these accounts. The same level of account that you obtain in a branch of the same bank may give a lower rate of interest than the internet version. Read more...>
 |
 |
 |
 |
|
|---|---|---|---|---|
 |
Alliance & Leicester eSaver6.30% AER when no withdrawals are made |
6.30% | Instant Access |
|
 |
Abbey Instant Access Saver (Issue 2)Manage your savings by phone/branch |
6.00% | Instant Access |
|
 |
Abbey eSaver Direct5.69% AER if you make 1 withdrawal - 6% AER no withdrawals |
6.00% | Instant Access |
|
 |
||||
Internet access is the preferred method of interacting with their finances for many people these days, giving them the freedom to manage their money whenever they want. An internet savings account can blend very well with an online lifestyle.
Security of online transactions is one area where some customers still have concerns but the major banks have invested heavily in making sure that online systems are as secure as possible. The internet is a big part of the future for banking and they cannot afford to build insecure systems.
The choice of internet savings accounts is vast and the rules of thumb still apply that you need to balance the access level that you will get against the rate of interest that you will receive. High introductory rates do not always last so make sure that the real rate of return over years is suited to you.
Not having a branch for an internet account means that access to actual cash is usually through an ATM or through your current account.
Top Tips
- If you do most of your business via the internet it might make sense to use an internet savings account and take advantage of increased rates
- Banks are keen to attract customers to their internet accounts and that’s shown in the higher rates
- With an internet account you can view statements, make payments and deposit money all via the web
- Internet accounts are easy to open so you don’t have make an appointment or struggle with in branch queues
Articles
Consumers seek safety for their savings
14 Nov 2008 | Read More ›- Where can I keep my savings safe?
11 Nov 2008 - Put paper on the bonfire – save money by switching to online deals
05 Nov 2008
Save up to £503* on your Energy bills
