Intelligent Finance has stopped offering tiered rates of savings interest and introduce a single s...
Intelligent Finance has stopped offering tiered rates of savings interest and introduce a single savings rate of 4.01% gross that will apply to all balances of £1 and up.
From 3rd March, the rate on £1 remains above the Bank of England base rate but is less than 1% lower than Intelligent Finance paid in December 2000, as rates were later altered to reflect the seven base rate cuts in the intervening period.
Every customer who holds more than one product with Intelligent Finance can also choose to maximise the interest on their savings or minimise the interest on their borrowings, giving them an effective return of up to 14.8%* on their savings balances.
Commenting on the change, Jim Spowart, Chief Executive, Intelligent Finance says:
"We set out to offer customers a new way of banking. I believe our one customer, one rate policy combined with the unique flexibility and benefits of our integrated banking systems offers just that.
"Unlike so many other banks, there are no clever wheezes, no tricks, differential rates, catches or tie-ins. We simply offer every customer the best deal we possibly can.," adds Spowart.
"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