Financial Services > e-banking > Banking news
Online banking customers alerted to new savings account

Tue, 10 Apr 2007

Online banking customers may be interested to know that a new individual savings account has been launched.

The new savings vehicles, unveiled by virtual banking specialist Egg, come with gross savings rates of 6.05 per cent and a minimum opening balance of £1.

As with all individual savings accounts, customers can save up to £3,000 in the tax free savings vehicle during each financial year.

Mike Monk, head of savings and investments at Egg, explained why he believed the new savings vehicles would prove popular with the general public.

"Our new cash Isa [individual savings account] offers a very competitive rate of interest," he said.

"We wanted to not only provide an attractive headline rate, but also be transparent in our offering and make it easy for people to open - the online application process takes just minutes."

Individual savings accounts were originally launched by chancellor Gordon Brown in 1999, during the Labour party's first term in office.

By offering tax free savings, they are designed to encourage more people on low incomes to start saving money.

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