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Online savers open accounts in ten minutes

31/01/2012

Savers are being lured by special offers and incentives by online savings accounts but there can be conditions attached.

UBank's USaver offers 6.01 per cent if the account holder sets up an automatic savings plan of $200 a month. The base rate is currently 5.41 per cent. ING Direct, RaboDirect and Virgin Money also offer very good interest rates to savers.

UBank's general manager Alex Twigg says anybody can open an online savings account in just ten minutes. “They can have an account number and passed their 100-point check without providing any documentation.”

He says despite it all being online, it doesn't leave out the elderly, with customers ranging in age from 18 to 108.

Source: Courier Mail



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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