Loyal savers rewarded at the Derbyshire
This month saw the launch of a new regular saver from Derbyshire BS aimed specifically at existing customers. The account requires savers to make regular deposits of between £10 and £250 per month and allows four penalty free withdrawals per year.
The interest rate ranges between 6.5% and 8%,and is determined by the number of years you have been a customer with Derbyshire BS. 6.5% is paid for customers of between one and two years, with the maximum 8% paid to customers of 10 years and over.
It's good to see loyalty being rewarded for a change, as far too often the best deals used to attract in new business are unavailable to existing customers. This is a great product for any existing Derbyshire customer; it's simple and flexible with the offer of four free withdrawals per year. The top rate of 8% is market leading, with rates of 7%-7.5% dominating the Moneyfacts.co.uk
Offering a decent paying no stings regular saver may also encourage investors to save regularly, which must also be applauded. Let's hope more providers adopt this strategy of looking after their existing customers as this is one of the few examples in the market at present where loyalty does pay.
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Exit fees in disguise
Thanks to the FSA, many lenders have reduced their mortgage exit fees to the level they were at when we took out our mortgages. Others such as Halifax, Cheltenham & Gloucester, Northern Rock, the Royal Bank of Scotland and NatWest have done the 'decent thing' and opted to scrap them completely. However in a move that makes an already complex mortgage market even less transparent for the would be borrower, Abbey, Bradford & Bingley, and Bristol & West have renamed their exit fees as 'mortgage account fees', 'general administration fees' and 'core term fees'not impressed
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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