21 July 2009
Saffron boosts e-saver for 55-plus customers
Saffron Building Society, the regional mutual serving East Anglia, today announces that it will be boosting its rate on its popular e-saver 55-plus online account, as well as dropping the minimum investment amount on the account.
The rate boost takes the savings rate to 2.30% (gross.p.a./AER), making it one of the most competitive "over 50's" savings accounts currently available. The product carries a guarantee that it will always be at least 0.80% over the Bank of England Base Rate until August 2012.
The rate increase is not subject to a limited period and is available to both new and existing customers.
The new minimum deposit amount is £1,000 - down from the previous £10,000.
Sales and Marketing Director John Eastgate said:
"With Bank of England Base Rate at an unprecedented low, we are very conscious that older savers are not receiving the returns that they will have expected from their savings. This rate boost is aimed at supporting them and allowing them to get a better return without having to move their money. We also hope that the lower minimum balance will make this competitive account available to more savers.
"Protecting the interests of our core membership base, which includes older savers, is central to our ethos as a regional mutual. At a time where lower interest rates are disheartening many savers, I hope that this boost will help restore the feeling that saving is still worthwhile".
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