Click here to close now.

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
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “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. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
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...
“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 Intelligent Systems Services 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. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...