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Savings - West Bromwich raises the bar, but with a catch

The West Bromwich Building Society has raised the savings account bar with the launch of its instant access Premier Bonus Tracker 4 savings account, paying a market-leading savings rate of 6.6% from £1000.

However this is not without a catch. The savings rate includes two bonuses, 1.10% to 31.5.08, then 0.85% to 1.11.08, with the additional feature of a savings rate guarantee, which guarantees the savings rate to be Bank of England Base Rate plus 0.85% to 31.5.08, then Bank of England Base Rate plus 0.60% to 1.11.08 when the savings account will revert to Direct Tracker Saver account rate.

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But the most restrictive feature from this instant access savings account comes by means of capping the maximum number of withdrawals per year to six.

This new issue of the popular Premier Bonus Tracker 4 is paying the highest savings rate on the market for a no notice savings account. However, customers need to be aware that the savings account only allows 6 withdrawal per year and has a rather complicated bonus and rate guarantee structure to 1 November 2008, when the savings rate reverts to base rate minus 0.25% (currently 5.50%). If customers are happy with these terms and conditions, they will find this savings account hard to beat.

We urge savers to look beyond the headline savings rate; otherwise they could find themselves bound by restrictive terms and conditions. Sometimes an instant access savings account does not do what it says on the tin.

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