West Bromwich BS has launched a Branch Bonus Account which shoots straight to the top of the instant access table.
The account is an instant access, branch based product that pays a yearly rate of 3.75% (3.69% monthly) on a minimum investment of £100.
The rate includes a 1.00% bonus (0.97% for monthly option) until 31.8.10. Two withdrawals are permitted per annum with 1.05% paid on the third withdrawal. 0.05% is then paid until 1 April each year when rate returns to the headline rate. Money must be new to the institution.
This launch is good news for savers and while it is worth reviewing the account once the bonus period expires, the 2.75% should still prove competitive. Investors should be sure they can commit to funds as three or more withdrawals means a fairly tough penalty.
The account has been awarded four out of five Moneyfacts stars.
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