Lenders launch new online savings deals

There are some new instant access savings deals on the market today that could represent a great short-term deal.

Coventry Building Society has announced the return of its 50 Plus eSave account from today. The account is only available customers aged over 50 but pays a rate of 3.25% AER which is fixed for 12 months.

The account allows unlimited, penalty free access and requires a minimum investment of just £1.

Rachel Haworth, Head of Marketing at the Coventry said:

“We are pleased to re-launch our extremely popular easy access, eSave account. In a low interest rate environment customers can now have the best of both worlds – a very competitive rate and the peace of mind of having easy access to their money.”

Meanwhile, Alliance & Leicester has announced the launch of its Online Saver 5 account, paying 3.15% AER. This account also requires a minimum investment of just £1.

In this case the bonus rates are tiered depending on the balance held, but all customer still receive the rate of 3.15% overall. The bonus starts from 2.65% on £1 up to 1.65% depending on your balance but all customers will benefit from an overall rate of 3.15% variable gross/AER .

Reza Attar-Zadeh, Director of Savings and Investments, said:

“This is a fantastic rate for an easy access account and with access via the internet 365 days a year it really couldn’t be easier. We are committed to offering competitively priced products and believe this new Online Saver will prove extremely popular for any customers looking for a great rate with penalty free access to their money.

While both of these deals do offer great short-term rates, savers should be wary of being placed on much poorer deals after the bonus period of 12 months is over. If you do decide to go ahead with these deals, make a note in your diary to shop around once again when the deal comes to an end.

If you would like to get a comprehensive overview of the savings deals out there, TotallyMoney.com can help. Visit http://www.totallymoney.com/banking/ now to compare great deals on bonds, ISAs and regular savings accounts. When you’ve decided on the right deal for you, just click Apply to be taken through the application process.