Britannia International is to re-open its sterling Base Rate Saver account to new depositors, in a m...
Britannia International is to re-open its sterling Base Rate Saver account to new depositors, in a move that will help savers take advantage of the current rising interest rate environment.
The account, which was first launched nearly two years ago, tracks the UK base rate and is being re-launched with a renewed rate guarantee and an additional interest enhancement for larger deposits.
Savers with a balance of £50,000 and above will benefit from a rate which is guaranteed to be equal to the Bank of England Base Rate plus they will also receive interest of 0.20% gross per annum until at least 1 April 2005. This currently equates to an interest rate of 4.20% gross per annum.
For savers with balances below £50,000, the rate is guaranteed to be not less than 0.25% below the Base Rate, currently equating to a rate of 3.75% gross per annum.
Peter Mansfield, managing director at Britannia International, said: "The Bank of England is expected to continue to raise the base rate during 2004 and beyond. The Base Rate Saver Account allows savers to keep one step ahead of this, while still enjoying access to their funds. Existing Base Rate Saver account-holders will automatically benefit from the renewed guarantees."
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