Spotlight On: West Brom's internet saving account

The deal

West Bromwich building society has launched WeBSave Easy Access, which pays 3.01 per cent AER.

The good points

It pays 3 per cent gross and there are no restrictions on the number of withdrawals. It's internet-based, which makes it a simple process transferring money in and out to other accounts.

The bad points

The 3 per cent rate includes a 2 per cent bonus for the first year – until end of March 2012 – which means the account will look a little poor come April 2012. Minimum opening balance is £1,000.

Conclusion

We're into cash ISA season, so for a building society to launch a non-tax effective account seems a little strange. It is better than most similar instant access accounts around, although if you haven't used up your ISA allowance and you're a taxpayer, you can find better returns in a cash ISA, not least WestBrom's WebSave ISA which pays 2.85 per cent. But check terms and conditions to ensure that you get the flexibility you need from your savings account.

Independent Partners; request a free guide on NISAs from Hargreaves Lansdown

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