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.