West Bromwich Building Society has launched a new online easy access savings account offering a rate of 3.01 per cent AER variable.
Interest is paid either monthly or annually and there are no restrictions in place on the number of withdrawals that can be made by customers.
The account is completely web-based, with applications and all account management taking place on the firm's website.
Stephen Leonard, the West Brom's division director for marketing and e-commerce, suggested online saving was becoming an increasingly important part of the Society's product offering.
Giving his thoughts on the product, Kevin Mountford, head of banking at moneysupermarket.com, said: "Although the West Brom product carries a sizeable first year bonus, it presents a great opportunity to make your cash work harder."
He added customers should, however, be prepared to switch at the end of the 12 months in order to find a better deal.
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