Barclays Launches Leading Monthly Savings Account
On June 2nd, 2008 Barclays is launching a new, leading savings account, Monthly Savings, paying a fixed 7.75% AER (7.49% gross p.a.) for one year.
“This is the most competitive climate for savings accounts that we’ve seen in years, and that’s good news for the consumer,” said Lee Chiswell, Barclays Head of Savings.
“The Monthly Savings account pays a great, high rate of interest on savings, the best that Barclays offers to its personal customers, and is open to new and existing customers.
“The new Monthly Savings account follows the trend of our Tax Haven ISA, which has been a regular feature in the best buy tables since we launched it in March. We want Barclays to be the first bank to come to mind when people think seriously about saving.”
Customers can pay in between £20 and £250 per month, up to a maximum of £3000 over the 12 month term. After a year the balance will automatically switch to a savings account with instant access paying a competitive rate of interest.
The Monthly Savings product is simple and open to new and existing Barclays customers. Customers are not required to open or maintain any additional products with Barclays, and they have flexibility to miss or change a payment. Customers have the flexibility to withdraw money, with interest rates reducing to 3.03% AER/2.99% gross p.a. in any month in which a withdrawal is made.
Also on June 2nd 2008, Barclays is launching a new online savings account. e-savings Reward will pay a flat 5.25% AER (5.13% Gross p.a.), which includes a 12 month bonus of 0.75% gross, and after the introductory bonus period, the higher gross rate payable on the account is guaranteed to be not less than 0.50% below the Barclays Bank Base Rate until 1st January 2010. It is also open to new and existing customers, and suited to those building their savings over the longer term, but who also want the speed and convenience of online banking.
To find out more about these accounts, visit us in a branch, at www.barclays.co.uk/savings or call 0845 300 6159 starting 2nd June.
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