West Bromwich BS reveals two of a kind

Category: Savings
Date: 3/4/2010

West Bromwich BS has launched two new savings accounts, both of which offer savers a market leading rate of 3.00%.

The Branch Bonus Account 3 is an instant access branch based account with a minimum investment of £1K paying 3.00% yearly.

The rate includes a 1.00% bonus until 31.1.11. Three withdrawals are permitted per annum, then on the fourth withdrawal 0.05% is paid (1.05% during remainder of the bonus period) until 1st April each year.

The rate then reverts to the headline rate again to begin another product cycle. Money must be new to the institution and there is a maximum investment cap of £100K.

The Direct Bonus Account 1 is a no notice post, telephone and internet operated account with a minimum investment of £1K paying 3.00% yearly. The rate includes a 1.00% bonus until 31.1.11. Three withdrawals are permitted per annum, then on the fourth withdrawal is 0.05% paid (1.05% during remainder of bonus period) until 1 May. The rate then reverts to the headline rate again to begin another product cycle. All withdrawals are made via BACS to a nominated account. Money must be new to the institution and there is a maximum investment cap of £100K.

Both accounts require careful budgeting as the underlying rate after four withdrawals is poor. However, both are well worth of four out of five Moneyfacts stars.

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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 Any products featured may be withdrawn by their provider or changed at anytime.