Hanley Economic BS has launched a new variable rate account that guarantees to pay significantly more than the 3 month LIBOR rate.
The Corporate Tracker pays a rate of 2.08% and is guaranteed to pay 1.25% above 3 month LIBOR for 12 months (reviewed quarterly).
After 12 months the account reverts to the Corporate Saver.
This new edition to the business account portfolio of Hanley Economic BS has been launched to encourage businesses to move funds to it, as 50% of the funds deposited must be new to the society.
At 2.08% from £1K, it is one of the market-leading no notice accounts so should prove popular.
The fact that it tracks 1.25% above the 3 month LIBOR rate for the first year (reviewed quarterly) may appeal to those who need some certainty about what their returns will be.
A review will need to be carried out after 12 months as the account will revert to the Corporate Saver terms and so the rate is likely to reduce.
Four out of five Moneyfacts stars have been awarded.
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