Intelligent Finance is to stop offering tiered rates of savings interest and introduce a new sa...
Intelligent Finance is to stop offering tiered rates of savings interest and introduce a new savings rate to apply to all balances of £1 and up.
From 3rd March 2002 the new savings rate payable on all balances of £1 and up will be 4.01% (AER Gross). This rate on £1 is above the Bank of England base rate and less than 1% lower than Intelligent Finance paid in December 2000.
The Bank's integrated system means customers holding more than one product with Intelligent Finance can choose to maximise the interest on their savings or minimise the interest on their borrowings.
The bank claims savings customers can connect their Intelligent Finance savings with their borrowings allowing them to secure an effective return of up to 14.8% on their savings balances.
Jim Spowart, Chief Executive, Intelligent Finance said: "Such an approach shouldn't be so original, but for now in an industry where too often banks bamboozle customers with a myriad of products with differing rates and conditions, it is."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected