Pick a profitable savings accounts online

Savers could be excused for wondering why they bother putting something away for a rainy day. With interest rates moribund, the temptation must be to blow it all on a sports car and a plasma TV. In truth if you spend enough time shopping around, you might be able to find acceptable interest rates for your savings accounts online.

Start off with a quick look at the comparison sites like www.moneysupermarket.com and thisismoney.co.uk, which will give you some instant facts about the latest deals and offers on the market.

Understandably banks and building societies are keen to get as many investors as possible to open up savings accounts online as it is much less costly for them than all those branches with staff all over the country. To entice you in they offer better interest rates for online accounts.

The Nationwide (nationwide.co.uk) Online MySaver Plus account is offering an attention-grabbing 3.12% interest for savers. Interest is paid monthly, but make a note that the initial rate comprises a bonus of 1.58%. After the first 12 months your rate will be effectively halved, so that's the time to shift your cash elsewhere.

Santander (santander.co.uk) offers an esaver account with 3.10% interest and unlimited access. Again there is a bonus element to this rate, in this case 2.60%, so after 12 months your money reverts to a negligible interest rate.

ING (ingdirect.co.uk) also offers a direct savings accounts online with an initial rate of 3.10% for the first 12 months. The message seems to be to shop around for the best rates, but be prepared to do it all again in a year's time.

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