BANK ACCOUNTS
Post Office extends savings promise to match BoE Base Rate
The Post Office has extended its savings promise until 2013, while announcing unlimited free withdrawals from its Instant Saver account.
The savings promise covers all of the Post Office’s savings products, and guarantees to match the Bank of England Base Rate percentage changes.
The promise, which was previously scheduled to run up until 31st March 2012, covers the Post Office’s Instant Saver, Reward Saver, Cash ISA and Easy Saver.
The Post Office has also announced that its Instant Saver account will have unlimited free withdrawals, available from 6th December.
Holders of the Instant Saver account were previously allowed six free withdrawals per annum, with a £1 charge for each subsequent withdrawal. The new offer is available to all new and existing customers.
“We understand that sometimes you need to dip into your savings for one reason or another and that's why we have introduced unlimited free withdrawal, to help you access your money in a way that suits you,” said Richard Norman, Post Office Director of Savings and Investments.
“We also understand that if the Bank of England Base Rate increases customers will want to see the rates and their savings increase also. With our Savings Promise they know this will happen.”
Other banks are also offering deals on savings and bank accounts, in a bid to attract new customers. This includes Yorkshire Building Society’s Christmas Saver account.
Offering a rate of 3.50%, the Christmas Saver account will mature on 1st December 2012, giving customers access to their savings just in time for Christmas.
Santander has also launched a new range of savings bonds and ISAs. The bank’s new Fixed Rate Postal ISA offers a rate of up to 3.50% AER, fixed for two years.
Alternatively, customers can opt for Santander’s one year fixed term ISA, with a rate of up to 3.00% AER.
Tags: AER, BANK ACCOUNTS, free withdrawals, Instant Saver account, money saving, savings accounts