The Norwich and Peterborough Building Society (N&P) has launched a new savings account with a rate of 2.25 per cent.
The underlying rate is guaranteed to rise with any Bank of England base rate changes until the end of 2011. The 2.25 per cent rate is made up of a basic 1 per cent rate and a bonus 1.25 per cent rate, calculated on the average daily balance. The bonus rate is subject to the account staying open for a year. Account interest can be paid monthly or annually.
Savers can invest between £1 and £1 million in the account and they can access the money whenever they want to. There are no age restrictions on the savings account and it can be opened and managed by post or in a branch of N&P.
Gary Lacey, savings product manager at N&P, said, "Often, the best savings accounts seem to be restricted to the internet channel, or require large deposits. However, N&P's Branch Saver account pays a great rate for a day-to-day, easy access account and is available through all of our branches with only £1 needed to open."
Moneyfacts called it, "One of the market-leading instant access branch-based accounts."
