Scottish Widows Bank launches online account

Scottish Widows Bank has launched a new Internet Saver Account for personal funds, which may be of interest to consumers seeking the best interest rates on savings.

The online account has a variable interest rate of 3.01 per cent gross/AER, which includes a one per cent bonus for the first 12 months.

According to the bank, it is ideal for people who want to earn "one of the most competitive rates on the market" and enjoy being in control of their savings with online banking.

The account accepts a minimum contribution of £1 and a maximum of £5 million, with interest paid on a monthly, quarterly or annual basis.

Mandy Webster, marketing manager at Scottish Widows Bank, said the account complements a wide range of no-notice and fixed-term savings accounts on offer.

"Customers benefit from a good interest rate on their savings as well as quick and easy online access. Managing money is simple and straightforward as our Internet Saver Account also works alongside the customer's existing current account," he added.

Last week, AA Savings launched a new easy access web savings account offering up to 3.3 per cent gross/AER.

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2009-10-20 10:17:30 © Moneyextra.com