For those looking a competitive saving account, one writer claims that the Alliance & Leicester Online Saver could prove to be ideal.
Those on the search for high interest savings accounts
should consider the Alliance & Leicester Online Saver
, it has been suggested.
Pointing out that the 3.15 per cent interest attached to the saving account
is "the juiciest rate" available across any instant access products, Szu Ping Chan - in a lovemoney.com article - also commends the product for the fact that it can be opened up from a minimum balance of £1 and that money can be accessed at any point without any penalties being charged.
And she adds that while she has been a critic of Alliance & Leicester Savings
products in the past - as many of the bank's accounts have been "littered with catches" such as penalty fees and withdrawal restrictions - the latest issue of the Alliance & Leicester Online Saver tends to avoid these.
Indeed, both new and exiting Alliance & Leicester customers able to benefit from the market-leading interest rate.
The writer also claims that although more competitive rates are available, those looking to compare saving products in an attempt to beat the Online Saver's 3.15 per cent will have to lock cash away by taking out a fixed rate bond
"usually for a ridiculous term".
Another possible option would be to take out a specialist saving account, although such products are usually targeted towards a specific goal such as saving to put a deposit on a first home.
Indeed, now could be an ideal time to scour the market for high interest savings accounts as she claims that after a period of stability the saving account market is on the rise with more competitive products being offered.
Meanwhile, the surging popularity of putting money aside was recently indicated in comments made by Ian Naismith, head of pensions market development for Scottish Widows, who claimed that the past few months have seen an increase in deposits made in savings accounts.
Written by Ashley King