Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Traditional V's New Banks: How Savings Accounts Fare

CHESTER, England, November 13, 2012 /PRNewswire/ --


  • New kids on the savings block can offer more competitive deals

Analysis from MoneySupermarket has revealed that a host of new banking entrants can currently offer consumers a better return on a range of savings products, more so than deals offered by the traditional high street banks.

Easy Access ISAs

Marks & Spencer Bank is currently offering a rate of 3.00 per cent on its Easy Access ISA*, while The AA offers a rate of 2.70 per cent AER on its Postal Access ISA however, there are minimum deposits of £100 and £500 respectively on these accounts. By comparison, the best offering from one of the traditional high street banks is 2.64 per cent with Barclays Loyalty Reward ISA which also includes a bonus of 0.60 per cent for 12 months, and is only available to existing customers.

Fixed Rate Bonds

When it comes to Fixed Rate Bonds there are also some interesting deals around that go beyond just the traditional high street offers. Shawbrook's Fixed Rate Bond account tops the table for one year bonds with an AER of 3.00 per cent although there is a minimum deposit of £5,000. Bank of Baroda offers a rate of 2.95 per cent, and this account requires a minimum deposit of just £500. However, even Tesco Bank offers a better interest rate than the main high street banks, at 2.75 per cent and with a minimum deposit requirement of £2,000. The best one-year offerings by RBS and NatWest both pay 2.30 per cent AER with a minimum deposit of £2,000, whilst Santander insists on just £500 for its bond paying 2.30 per cent. 

Easy Access Savings

Despite significant falls in interest rates, it is the new players who continue to offer rates ahead of the high street banks. Tesco Bank's Internet Saver account offers a rate of 2.40 per cent, but this does include a bonus rate of 1.15 per cent over 12 months. The best deal offered by one of the high street banks is Halifax's online saver paying 2.05 per cent, although this account doesn't include any bonus rate.


Kevin Mountford, head of banking at MoneySupermarket commented: "We've seen a rise in new competition on the high street, for example with the supermarkets and new entrants such as Metro Bank appearing, which has created more competition and choice for consumers. The newer entrants are offering some good accounts at the moment with interest rates that are currently edging ahead of the more traditional high street banks, meaning savers can get a better return on their money. However, some have a larger deposit requirement so it's important savers check all options first. It is also worth remembering that the Financial Services Compensation Scheme (FSCS) protection levels for new entrants is the same £85,000 that you get from the main high street banks.

"Our analysis underlines the importance of not necessarily accepting the deal being offered by your bank. Shopping around for a home from your savings can help you maximise the returns on offer, especially when rates have been so volatile and every penny counts. However, it is also important to keep an eye on the rate being paid on your account as although you may be offered good rates initially, they will drop over time, no matter which provider your savings are with."

    Main Banks
 
    Fixed Rate Bonds - based on GBP25,000
                                     Minimum
       Provider         Term         Deposit     AER
    Royal Bank of
    Scotland
    Fixed Rate Bond
    Internet Only
    Addition           1 Year       GBP2,000    2.30%
    NatWest
    Fixed Rate Bond
    Internet Only
    Addition           1 Year       GBP2,000    2.30%
    Santander
    Fixed Rate Bond    1 Year        GBP500     2.30%
    Halifax
    Fixed Saver        1 Year        GBP500     2.25%
    Lloyds TSB
    Term Deposit       1 Year       GBP2,000    2.00%
    Barclays
    Fixed Rate
    Savings Bond       1 Year        GBP500     2.00%
    HSBC
    Fixed Rate
    Saver              1 Year       GBP2,000    1.80%


    Best Buys
 
    Fixed Rate Bonds - based on GBP25,000
                                     Minimum
       Provider         Term         Deposit     AER
    Shawbrook
    Fixed Rate Bond
    Issue 3            1 Year       GBP5,000    3.00%
    Bank of Baroda
    MAX Fixed Rate
    Bond               1 Year        GBP500     2.95%
    UBL
    Fixed Term
    Deposit            1 Year       GBP5,000    2.75%
    Tesco Bank
    Fixed Rate
    Saver              1 Year       GBP2,000    2.75%
    Metro Bank
    Fixed Term
    Savings            1 Year        GBP500     2.50%


    Easy Access ISAs - based on GBP5,640
                      Minimum
       Provider       Deposit        AER      Transfer In
    Barclays                        2.64%
    Loyalty Reward               (includes a
    ISA (existing                0.60% bonus
    Barclays                        for 12
    customers only)     GBP1       months)        No
                                    2.35%
                                 (includes a
    Halifax                      2.10% bonus
    ISA Saver                       for 12
    Online              GBP1       months)        Yes
                                    2.00%
                                 (includes a
                                 1.00% bonus
    Lloyds TSB                      for 12
    Cash ISA Saver      GBP1       months)        Yes
    NatWest
    e-ISA               GBP1        2.00%         Yes
    HSBC
    Cash e-ISA
    (existing HSBC
    customers only)     GBP1        1.75%         Yes
    Royal Bank of
    Scotland
    Instant Access
    Cash ISA            GBP1        0.55%         Yes
    Santander
    Easy ISA            GBP1        0.10%         Yes


    Easy Access ISAs - based on GBP5,640
       Provider    Minimum Deposit     AER      Transfer In
    Marks &
    Spencer
    Advantage Cash
    ISA                GBP100         3.00%         Yes
                                      2.70%
                                   (includes a
    The AA                         2.20% bonus
    Postal Access                     for 12
    ISA (Issue 4)      GBP500        months)        Yes
                                      2.50%
                                   (includes a
    Tesco Bank                     0.50% bonus
    Instant Access                    for 12
    Cash ISA            GBP1         months)        Yes
    Virgin Money
    Easy Access
    Cash eISA
    Issue 2             GBP1          2.40%         Yes
    Metro Bank
    Instant Access
    Cash ISA            GBP1          2.35%         Yes


    Easy Access Savings
    Based on GBP1,000
         Provider          Min Invest            AER         Bonus
    Halifax
    Onilne Saver              GBP1              2.05%         N/A
                                                             1.00%
    Santander                                                for 12
    eSaver (Issue 9)          GBP1              1.50%        months
                                                             0.75%
    Barclays                                                 for 12
    e-Savings Reward          GBP1              1.26%        months
                                                             1.10%
    Lloyds TSB                                               for 12
    Easy Saver                GBP1              1.20%        months
    NatWest
    e-Savings
    (existing NatWest
    customers only)           GBP1              1.00%         N/A
    Royal Bank of
    Scotland
    Direct Saver              GBP1              1.00%         N/A
    HSBC
    Online Bonus Saver        GBP1              0.75%         N/A
    Sourced by http://www.moneysupermarket.com 13.11.2012


    Easy Access Savings
    Based on GBP1,000
        Provider      Min Invest  AER     Bonus
    Tesco Bank                          1.15% for
    Internet Saver       GBP1    2.40%  12 months
    Marks & Spencer
    M&S Everyday                        1.00% for
    Savings              GBP1    2.35%  12 months
    Virgin Money
    Easy Access
    eSaver Issue 4       GBP1    2.20%     N/A
    GE Captial Direct
    Bonus Saver Issue                   0.70% for
    5                   GBP500   2.20%  12 months
    Sainsbury's Bank
    Extra Saver          GBP1    1.80%     N/A


MoneySupermarket.com compares (at 30th Oct 2012)

  • 129 car insurance brands and 100 home insurance brands
  • 10 broadband providers and 18 energy providers   
  • 30 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 29 credit card providers
  • 66 savings providers and 37 current account providers.
  • Over 950,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available

Contact: Paul Lawler, PR Manager, Tel: +44(0)1244-370-317, Email: [email protected]


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...