Banking & Saving - July brings rising rates for Savings Accounts
Money Saving E-Newsletter
Once a month - Top 10 deals - Spam free
Bread Crumb Trail
Banking & Saving
Latest News July brings rising rates for Savings Accounts
July brings rising rates for Savings Accounts
The first day of July has brought more than rising temperatures for the UK, as several savings account providers have increased interest rates on savings accounts.
ING Direct has increased rates on its savings account from 2.75% to 3%. The ING Direct savings account can be opened with as little as £1 and up to £1 million, providing savers with instant access to funds with no withdrawal fees and interest paid on a monthly basis.
Another financial services provider to increase its rates is Sainsbury's, after upping rates on its internet saver account from 2.60% to 2.80%. The minimum opening balance has also increased from £1 to £1,000 up to a maximum of $500,000, with instant access to your funds, no withdrawal penalties and interest paid annually. The rate offered is variable, which means is can change, but Sainsbury's Finance guarantees the rate will remain at least 2% above the Bank of England base rate for 12 months after opening the account.
And finally, Egg also increased its saving rates yesterday from 2.5% to 2.8%. You can open an Egg savings account with as little as £1, earning this great rate on funds of up to £100,000. This account offers instant access, no withdrawal fees and interest paid on a yearly basis.
Like most savings accounts offering competitive rates, these products come with a 12 month bonus, so the rate will fall after this period. However, there is nothing stopping you from comparing account after this time then switching to another account offering better returns.
Written by Sam Gooch
ING Direct has increased rates on its savings account from 2.75% to 3%. The ING Direct savings account can be opened with as little as £1 and up to £1 million, providing savers with instant access to funds with no withdrawal fees and interest paid on a monthly basis.
Another financial services provider to increase its rates is Sainsbury's, after upping rates on its internet saver account from 2.60% to 2.80%. The minimum opening balance has also increased from £1 to £1,000 up to a maximum of $500,000, with instant access to your funds, no withdrawal penalties and interest paid annually. The rate offered is variable, which means is can change, but Sainsbury's Finance guarantees the rate will remain at least 2% above the Bank of England base rate for 12 months after opening the account.
And finally, Egg also increased its saving rates yesterday from 2.5% to 2.8%. You can open an Egg savings account with as little as £1, earning this great rate on funds of up to £100,000. This account offers instant access, no withdrawal fees and interest paid on a yearly basis.
Like most savings accounts offering competitive rates, these products come with a 12 month bonus, so the rate will fall after this period. However, there is nothing stopping you from comparing account after this time then switching to another account offering better returns.
Written by Sam Gooch
Wednesday, 01 July 2009 10:08
Comments (1)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
-
Geoff. Lincoln 2009-07-01 17:37:29
Make a comment on this article
| Provider | AER | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
Lloyds TSB Incentive Saver | ||||
|
3.04%
|
Instant
|
Monthly
|
£1
|
||
 |
Halifax Websaver Extra | ||||
|
2.80%
|
Instant
|
Annually
|
£1
|
||
 |
Tesco Internet Saver | ||||
|
2.75%
|
Instant
|
Annually
|
£1
|
||
 |
A&L Online Saver (Issue 7) | ||||
|
2.75%
|
Instant
|
Annually
|
£1,000
|
||
 |
ING Direct Savings Account | ||||
|
2.50%
|
Instant
|
Monthly
|
£1
|
||
- Get 3.04% AER every month you DO NOT make a withdrawal.
- Get 0% AER each month you do withdraw.
- Account open for 12 months, after this the account converts to an Easy Saver.
- £1 Min - £50k Max Deposit
- Interest paid Monthly
- Start saving with only £1
- Transfer money instantly between your Incentive Saver and Lloyds TSB current account.
- Instant access - the convenience of Internet Banking or PhoneBanking means you can access your savings when it suits you.
- Set up a standing order - saving regularly from your current account is the easy way to grow your savings.
- 2.80% AER on Balances £1 - No maximum balance
- Withdrawals - 1 withdrawal a year with no loss of interest.
- Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
- Access your money by transferring to another account online
- Interest paid annually
- You need to be a UK resident personal customers aged 11+
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Minimum Deposit £1
- 2.75% Gross/AER (variable) which includes a fixed 1.50% bonus for 12 months on balances up to £100k
- Balances over £100,000 earn 1.25% Gross / AER (variable)
- No withdrawal Restrictions
- Deposit & Withdraw money via online transfer
- SAVE from £1000 up to £2,000,000.
- Interest PAID annually.
- Rate includes variable bonus (depending on account balance) payable for 12 months from account opening.
- No withdrawal charges.
- Online account.
- Available to those aged 18 or over.
- New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.5% AER for 12 months from account opening (2.47% gross p.a.)
- Interest paid monthly
- After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
- Move your money when you like, with no penalties or restrictions
- Start saving from £1, with no minimum or maximum monthly deposits required
- Open an account in minutes
- Award winning UK call centres
- Get 2.50% gross pa/AER variable
- Includes an introductory 12 month variable bonus rate of 2.00% gross pa from the date your account is opened on balances up to £1,000,000.
- No interest payable on balances over £1,000,000 during the first 12 months.
- After 12 months you move to a standard variable rate; currently 0.5% gross pa/AER (variable).
- No penalties for withdrawals.
- Easy access 24 hours a day, every day.
- It's easy to set up a regular deposit, then sit back and watch your savings grow.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Great return of 2.50% gross/AER (variable), which includes a bonus of 2.00% gross/AER (variable) for the first 12 months from account opening.
- Save from just £1
- 24/7 access to your money without notice or penalty - Cash Card with every account!
- Interest is calculated daily and paid Monthly
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 2.10% AER
- Get 6 free withdrawals per year - and only £1 per withdrawal thereafter
- Save £500 to £1million
- Interest is paid annually in March
- Post Office guarantee to pass on any rise in the Bank of England Base Rate (within 30 days) until January 2010
- Post Office also guarantee that your interest rate will never be more than 1% below the Bank of England Base Rate for the life of the account.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
- Save from £1 to £500,000
- If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
- If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
- A variable rate of interest, currently 1.60% AER/Gross.
- This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
- On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
- Open from as little as £1.
- Interest paid annually.
- Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
- No limits on how much you can save.
- The options to have a standing order payment into your account, so you know your savings are always growing.
- Optional Cashpoint® card for easy access on the move.
- Minimum opening balance - £1
- No maximum balance
- Interest paid annually
- Unlimited withdrawals and deposits
- Manage your savings - Transfer money, view recent transactions and check your balance online 24/7 with this internet savings account
- Applying is easy - it only takes 5 minutes to apply online now
- You need to be a UK resident personal customers aged 11+
Nationwide have notified me today 1st July, that the interest rate on my regular savings account fell from 2.48% to 1.48% WITH EFFECT FROM LAST APRIL !!!