Best Current Online Savings Accounts
Personal_Finance / Savings Accounts Jun 10, 2009 - 11:26 AM GMTBy: MoneyFacts
Three providers have today announced their intention to increase rates on their online based saving accounts.
- Barnsley BS – rate on Online Saver increased by 0.40% to 2.50%
- Intelligent Finance – rate on iSaver increased by 1.10% to 2.85%
- Principality BS – new issue of e-Saver launched paying 2.85%, 1.20% higher than the previous issue
Louis Kaszczak, Head of Moneyfacts.co.uk commented:
“With so much competition in the fixed rate bond market, many smaller providers have found that they are unable to compete and instead are looking at other areas to attract savers.
“Online based accounts are cheaper and easier to run for providers and this saving can be passed on through higher rates. The average rate is nearly twice as high for online based accounts (0.95%) compared with branch (0.50%) based accounts.
“Moneyfacts.co.uk research shows that one in three savers are looking for easy access accounts, so it is a market that providers are wise not to ignore.
“Despite no change in bank base rate, savers are seeing the benefits through increased rates as many providers continue to look to their savings book to fund their lending activities.”
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