Get £20 free and a decent rate of interest that's guaranteed to beat the base rate by 1.47% for 12 months when you open an ING Direct Savings account with as little as £1.
What's the deal?
Open an ING Direct Savings Account with as little as £1 and get £20 free, it's as simple as that.
What makes it great?
Aside from the free £20 deal, which in itself is a good reason to open the account if you have even a little spare cash set aside, the ING Direct Savings Account pays an attractive 3% AER (variable) on balances from £1 upwards.
While this is a variable rate account, meaning that the interest rate may change over time, you have the added reassurance of a 1.47% fixed-term bonus for 12 months (this is included within the 3% headline rate).
What's more, as the ING Direct Savings Account is an instant access account you have full access to your money with no penalties or limits on withdrawals, and can manage your account over the phone or online.
Who would it suit?
As the ING Direct Savings Account is instant access and can be opened with as little as £1 it's suitable for anyone who has a £1 to spare.
Aside from the £20 deal, this account is suitable for anyone who is looking for a decent, partly guaranteed return on their savings but is likely to need access to at least some of their money in the short term.
However, as there is only a little over a month left of the 2008/2009 tax year, it's important to take advantage of any unused ISA allowance as a priority.
What's the catch?
This is a limited time only offer and ING Direct state that they may withdraw the deal at any time without notice in their terms and conditions so being quick with this one is a must.
Furthermore, this deal is only available to new customers so if you already hold a financial product with ING Direct you won't be able to take advantage.
At 3% AER this ING Direct account isn't the 'market leading' instant access deal (it currently sits in sixth position in the tables), however the £20 offer does boost its appeal significantly.
Finally, the 1.47% rate guarantee only applies for 12 months so you will need to keep an eye on your savings to ensure they are still earning a competive rate therafter.
What's the alternative?
In terms of the £20 offer, there is none as it's the only instant access savings account to run a deal of this nature.
However, taking a view over the longer term, the Ulster Bank eSavings Plus offers the best return available on an instant access account, currently paying 3.75% AER. However, this is only an option for those who have more than £10,000 to invest.
Alternatively, the Egg Saving Account (Internet) offers an instant-access return of 3.35% AER and can be opened with just £1. It is worth bearing in mind that this account includes a 12 month variable bonus of 2.10% so you will need to keep an eye on the rate to ensure you are still getting a competitive deal down the line.
Furthermore, while instant access accounts are a good option for those who may need to access their money in the short term, higher returns of up to 5% are possible for those who are able to take advantage of a fixed term savings account.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
