Post Office boosts savings products

| December 6, 2011 | 0 Comments
Post Office boosts savings products

The Post Office has extended its promise to match the Bank of England Base Rate percentage changes on its savings products, until 1 January 2013.

The promise, which was originally planned to run until 31 March 2012, covers the Post Office’s Instant Saver, Reward Saver, Cash ISA and Easy Saver accounts.

The Post Office has also announced unlimited free withdrawals from Instant Saver accounts with effect from today, replacing the previous limit of six free withdrawals a year.

There was previously a £1 charge for each subsequent withdrawal.

Richard Norman, Post Office Director of Savings and Investments said: “We want to help make saving easier, more flexible and more rewarding.

“We understand that sometimes you need to dip into your savings for one reason or another and that’s why we have introduced unlimited free withdrawal, to help you access your money in a way that suits you.”

Santander has also boosted its savings range with the launch of a new range of ISAs in a limited offer which is available from branches and over the phone.

The new fixed rate ISAs offer rates of up to 3.5 per cent and are
available in one and two-year formats.

Savers can transfer existing ISA funds into the new products at the time of opening.

A minimum initial investment of £500 is required and the maximum investment per annum is £14,000.

Matt Hall, head of savings at Santander, said: “Fixed rate Isas offer certainty of return with the advantage of earning the interest tax free and therefore continue to prove popular with savers looking to lock in their cash.”

Santander has also launched a new, two-year fixed rate bond which offers 3.55 per cent AER to customers who deposit more than £25,000.

Customers who deposit more than £5000 will receive 3.50 per cent AER and those who deposit more than £500 will receive 3.20 per cent AER.

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