Barnsley Building Society launches new online saver rate

Barnsley Building Society has introduced a new rate of 3.00% gross on its online saver account, available to new and existing savers.

TotallyMoney.com recently reported the results of a study, which suggested that 6% of savers who had opted for fixed term deals were already regretting locking their money away. And 800,000 consumers have already made an average withdrawal of £3,738, and 36% of these incurred a penalty of £132 each, costing almost £40 million in total.

Savers looking for instant access accounts will generally be presented with lower rates in return for the flexibility this type of account affords.

Launching this Friday, the instant access account from Barnsley Building Society is available with a minimum investment of just £1, up to a maximum of £1m, and the account must be applied for online.

Chris Edwards, Head of Savings and Mortgages at Barnsley Building Society, said:

“Internet savings accounts with high interest rates generally have large initial bonuses and low underlying rates. However, the Barnsley Building Society Online Saver base interest rate is very competitive and with the bonus on top we think this product will be very popular.”

If you would like to ensure you secure the best possible rate for your savings, 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.