Vernon Building Society has made rate reductions to selected variable accounts. However, two of its easy access deals have maintained their competitive spirit, earning an 'excellent' rating as a result.
Capital Access now pays 1.30% yearly (1.29% monthly), which is a highly competitive rate in this sector. Triple Access also now has a competitive yearly rate of 1.30%.
Both of these accounts are restricted to locals or current savers only: they are only open to savers who have been members prior to 26.8.14, or who live within 25 miles of Stockport.
The Capital Access account can be opened in branch and by post and then managed in branch and online. A minimum investment of £1,000 is required. Further additions are permitted provided they are of at least £1,000 and withdrawals can be made at any time. However, savers should note that cash withdrawals are not permitted and the minimum withdrawal amount is £1,000.
The Triple Access account can be opened in branch and by post with an initial investment of just £10. The account can then be operated by the same means as well as online. Further additions are welcome and three withdrawals per year (1 April to 31 March) can be made penalty-free. Subsequent withdrawals will result in closure of the account.
Although both accounts have had a rate decrease, they still offer local savers attractive interest rates, and are also reasonably flexible in terms of further additions and withdrawals. Their restrictions may limit the overall appeal, but they offer a competitive package for eligible savers who are comfortable with the terms.
Moneyfacts rating: Excellent
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