Marsden Building Society's new variable saving accounts have hit the ground running, with the 120-day notice account and regular saver securing a firm hold on the Moneyfacts charts.
Branch Saver 120 (Issue 3) is a 120-day notice account that pays from 1.50% to 1.75% yearly (1.49% to 1.74% monthly) depending on the amount invested. Meanwhile, Branch Regular Saver is a 12-month account that pays a rate of 3.50% upon maturity.
Finally, instant access account Young Affinity Saver (Issue 2) is paying 1.50% annually.
The 120-day notice account requires a minimum investment of £5,000. Rates are tiered depending on how much money is invested; £5,000 secures a rate of 1.50%, £25,000 has a rate of 1.65% and £50,000 receives a rate of 1.75%. A monthly option is also available for those who are looking to supplement their income. Withdrawals and further additions are allowed, but early access is not, so 120 days' notice always has to be served for any withdrawals.
The regular saver account needs a minimum deposit of £100, after which further deposits of at least £10 can be made, up to a maximum balance of £2,400. No withdrawals or early access is permitted, so the investor must be comfortable with the term. A Marsden BS instant access saving account must be opened to be eligible for this account.
Young Affinity Saver (Issue 2) can be opened with a minimum investment of £1. 0.50% of the total average balance will be annually donated to a nominated affinity partner.
All accounts can be opened and operated in branch only.
Both the 120-day notice account and the regular savings account head straight into the Moneyfacts charts, with the notice account being particularly competitive. Careful planning is needed due to the lack of early access, but the competitive rates and the option of a monthly alternative makes this an attractive investment.
Four Moneyfacts Stars have been awarded.
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 Any products featured may be withdrawn by their provider or changed at any time.
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