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The advantages of having an online savings account

An online savings account is designed to put you in control of your finances. Instead of having to visit a branch when you need to make a money transfer or get on the telephone to ensure a direct debit has been paid, you can do it all from your own computer. Instead of receiving monthly statements, which you have to keep somewhere, you can download all your statements from your online savings account and save them in a file on your computer. You can then print a copy anytime you need too.

As well as checking your account balance, you can set up or cancel important direct debits. Standing orders can also be arranged, without you having to visit a branch or fill out a mountain of paperwork. You can also email your bank direct if you have an issue with your account. Services such as personal loans, overdrafts and credit card applications can all be accessed from your online savings account screen. If you already have credit cards or a loan with the same bank with whom your online savings account is with, you can also view a statement for these anytime you wish.

Nationwide are currently operating the MySave online plus. With an interest rate of 3.12% AER it puts them at the top of the others for interest rates. You can access your money anytime you wish and everything is operated online. The minimum initial deposit for a MySave plus is £1,000 with regular monthly deposits of £1 or more after that. The Santander is another option for an online savings account. Their interest rate is a healthy 3.10% AER with a minimum initial deposit of just £1. You can make unlimited deposits in to this account and there are no fees for withdrawals.

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