Natwest's 2.89% e-saver is Top for Online Easy Access Savings

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Natwest have boosted the rate paid on their e-saver account to 2.89% AER / 2.85% gross - the best available for online easy-access savings.
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NatWest - e-savings
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What's the deal?

Natwest's e-saver account now tops the instant access tables for those who want to manage their accounts online.

It pays 2.89% AER/ 2.85% gross, a rate that's supported by a 12 month fixed rate bonus of 1.85% providing reassurance that you'll be earning a reasonable return on your money even if the 1% variable backing rate gets lowered.

The account can be opened with as little as 1, allows unlimited penalty-free withdrawals and pays interest monthly.

What makes it great?

The 2.89% AER rate paid on the Natwest e-saver account is currently the best available on an online easy-access account.

Who would it suit?

The account can be opened by anyone aged 16 and over with as little as 1.

It's easy-access so you can make unlimited withdrawals without losing the interest rate bonus, or incurring any kind of penalty.

However, you can only open and manage the account online. While this won't be a problem if you are happy with internet banking, those that value a branch or telephone based service will need to look elsewhere.

What's the alternative?

The AA's Internet Extra Issue 3 is another easy-access account that's worth a look. It pays slightly less interest than the Natwest e-saver - 2.8% AER - however, it comes with greater rate reassurance.

Whereas the Natwest account has a fixed rate guarantee of 1.85% boosting the 1% variable rate for 12 months, the AA account's guarantee makes up more of the 2.8% interest rate. This means that the absolute minimum you'll earn for the next 12 months is 2.3% - and that would be on the basis that the 0.5% variable rate drops to zero.

If you're happy to rate chase and monitor your interest rate then the Natwest account is likely to be a better option as it does have a more attractive interest rate. However, if you'd prefer to open an account and leave it for the next 12 months, the AA alternative may have more appeal.

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i would open a natwest e-saver online

by edwardl70, 9 Nov 2012
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