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]


SOURCE MoneySupermarket.com

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 question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platform...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Launched in 2016, Cloudistics helps anyone bring the power of the cloud to the data center in an easy-to-use, on- premises cloud platform that automatically provides high performance resources for all types of applications: Docke...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-security...
SYS-CON Events announced today that Datera will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera offers a radically new approach to data management, where innovative software makes data infrastructure invisible, elastic and able to perform at the highest level. It eliminates hardware lock-in and gives IT organizations the choice to source x86 server nodes, with business model option...