Only five days after the bad news that Barclays had reduced its savings account rates again, today we will see the launch of a great new instant access savings account from West Bromwich BS.
The new Star Easy Access savings account is an instant access account with a minimum investment of £1 paying 6.55% yearly (6.36% monthly). The rate is guaranteed to be at least base rate plus 0.50% to 1.2.09, then at least base rate to 1.10.09. 12 withdrawals are permitted per account year.
This no frills offering is great news for savers. At 6.55% it sits some way above the current top paying no notice accounts at 6.30% without bonus. Further to that, it also beats no notice accounts with bonuses, the top rate currently offering 6.35%.
This savings account has the advantage of offering multi-channel access, it can be operated by post, phone, internet and in branches. Even the limit of only 12 withdrawals may not deter clients as this is far more than the usual limit of 3 - 6 withdrawals placed on the market leading savings accounts.
It is refreshing to see a straightforward savings account with no complicated terms or conditions enter what is a very competitive market.
Savers will find this product hard to beat: however, it should be remembered that the rate is currently paying above the guarantee and could be reduced even if base rate does not change.
Moneyfacts Best Buys - No Notice Savings Accounts
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