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Online banking savers need to act fast for top rates

03. Nov, 2011 Categories: Business Bank Account Updates, News by Business Bank Accounts 0 Comments

If you primarily conduct your financial affairs through online banking, you’ll need to act fast to get the top rated easy access savers, as experts say they are quickly disappearing.

The three top easy access online savers have been binned over the past seven days, industry experts warned, with the result being the new top interest rate standing at only 3.1 per cent – down from its previous 3.16 per cent best buy.  Saffron Walden, Derbyshire, and Skipton building societies all shuttered their top offerings, leaving Spain-based personal and business bank account provider Santander as the best buy.

The former top draw, Derbyshire’s NetSaver2 2, was only on the open market for less than two weeks before it was pulled from shelves.  The withdrawal of the 3.16 per cent deal followed that of Saffron Walden’s Issue 3 eSaver, which had paid 3.15 per cent to savers, and with Skipton also closing its Online Bonus Saver reccently, the field has been thinned considerably for savers looking for the best way to grow their money in today’s uncertain economic climate.

The new best buy, Santander’s e-Saver 4, stands at 3.1 per cent.  however, 2.6 percentage points’ worth of this rate is comprised of a bonus rate that expires after 12 months, prompting savers to then switch in order to remain with a competitive offering – neglecting to do so will see savers’ returns plummet to a paltry 0.5 per cent, one of the worst deals available on an online banking offering.

The MySave Plus from Nationwide offers a slightly better deal at 3.12 per cent, with 1.5 percentage points of the rate running for 12 months.  However, savers cannot make more than one free annual withdrawal, with the interest only paid on a monthly basis.

Average easy access savings rates currently stand at a truly dismal 0.31 per cent, which nets savers a £2.50 interest annually after tax for every £1,000 within the account.

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Tags: Business Bank Account Updates, interest rate, online banking