29 September 2011
Saffron Building Society increases online savings rates and launches new tracker bond
Saffron Building Society - the regional building society serving East Anglia - has increased interest rates to 2.85% gross p.a./AER on both its e-saver and Goal Saver accounts, including its bespoke Wedding Saver and Car Saver accounts.
These accounts also carry the guarantee that the interest rate will remain in the top 10 online instant access savings accounts as published by www.moneyfacts.co.uk.
The accounts can be opened with a minimum of £10. The Goal Saver accounts encourage the saver to state a savings goal upon opening and are designed to help the consumer make a savings plan. The accounts have a maximum investment of £2,000,000. Savers can make regular monthly payments or one-off payments into their e-saver or any of the Goal Saver account electronically from another Saffron account or their bank.
In addition to the interest rate increase, Saffron Building Society has also launched a new Two Year Tracker Bond which tracks 2.50% above the Bank of England base rate.
The bond can be opened, via post or in branch, with a minimum investment of £500 and a maximum of £1,000,000 (£2,000,000 for joint accounts). Interest is paid on maturity, and once opened; no further funds can be added to the account.
John Eastgate, sales and marketing director said: "The e-saver and Goal Saver products are great options for those who don't want to commit to a bond or long notice period but still want to earn a good rate of interest and have immediate access to their money. The guarantee of a top ten rate should appeal to those who are sick of moving money around when bonus periods come to an end.
"We also hope the new tracker bond will provide consumers with the opportunity to lock savings away while still being able to benefit should interest rates rise."
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