Want easy access to your cash and a top rate? You won't go far wrong with the new Internet Saver from Scottish Widows Bank.
I'm Jane Baker for lovemoney.com. Today I'm going to be talking about savings with the launch of a brand new best-buy from Scottish Widows Bank.
It's called the Internet Saver Account and I think it has all the right ingredients for a market-leader.
The benefits
Firstly, it comes with true easy access. You might expect this as standard from an ordinary savings account. But you'd be surprised how easily some banks get away with marketing products as easy access even though they have withdrawal restrictions.
But there are no tricks like this with the Internet Saver. You can make no notice, no penalty withdrawals whenever you like. And with online access to your account, you can easily transfer money back to your bank as often as you need to.
On top of that, the account pays a top rate of 3.01%. This is higher than any other account that also offers true easy access. And you only need £1 to get started.
Is there a downside?
The rate includes a 1% bonus which lasts for 12 months. This is a pretty common feature of savings accounts these days. But you should always remember bonuses are only ever temporary. Once they're gone, the rate you're left with could be pretty appalling. So you'll need to keep an eye on how competitive the account stays in the future.
I would suggest you check up on the rate every few months. If it starts to fall behind, it's time to get switching. You can shop around for a new account using the lovemoney.com savings centre.
My verdict
Overall I think the Internet Saver is a simple savings account with no nasty catches and a top rate. If you like what you hear and you're a new customer, you can apply at lovemoney.com/savings. But I'm afraid existing customers will have to miss out.
That's it from me today. Thanks for watching Grow Your Wealth. See you next time.