Star savings account launched

Fri, 01 Feb 2008

A new easy access savings account launched by West Bromwich Building Society has been lauded as "good news for savers" by one expert.

Andrew Hagger of Moneyfacts.co.uk said that the savings account, with its interest rate of 6.55 per cent, was "some way above" the highest rates offered by no notice savings accounts with out with out bonuses.

He added the savings account also had the bonus of offering savers access to their money through post, phone, internet and branches.

And while investors will be limited to 12 withdrawals a year, this was still must more than most savings accounts of its kind, he went on.

However, he warned that as the product is only guaranteed to be 0.5 per cent above the base rate, the interest savers get may fall even if the Bank of England rate does not.

At the start of the year the Observer reported that people with savings accounts could expect a cut in interest rates as the credit crunch hit banks .
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