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The best online savings accounts

It doesn't matter if you go for a big name bank or a small regional financial institution, they will have some form of internet banking. By banking online, you could save yourself some money as well as trip in to the bank each time you want to sort out your finances. The best online savings accounts exist solely on the internet and because they do not have overheads such as property purchases, staff wages and so on, they can pass these savings on to you in the form of bonuses and higher interest accounts.

One of the best online savings accounts is the WebSave Easy Access by West Bromwich Building Society. Offering an annually paid interest rate of 3.7%, it exists entirely on the internet. This means you have the luxury of controlling your banking and related finances in the comfort of your own home. They also offer a new account bonus, which is attached to how much you deposit in the first 12-months of having the account.

The Online Saver Issue is run by the Post Office Ltd and offers a variable interest rate of 3.01% AER. Not only do you have access to your savings, night and day seven days a week but there are no fees for withdrawals. You can also open an account with as little as £1. You do have to have a valid email address and be over the age of 18 to qualify.

Another of the best online savings accounts is the Mysave Online Plus run by the Nationwide building society. This is also an entirely internet account with an attractive interest rate of 3.05% AER. While you have unlimited deposits, this account only allows one withdrawal a year, anymore after that will be subject to a fee and possible loss of interest accrued. The minimum initial deposit is high at £1,000 but it is one of the only internet-based accounts that allows the option of joint holders.

 

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