Barclays launches their new High Interest Savings Account
Barclays is launching a market leading 10 percent Regular Saver account (http://www.barclays.co.uk/10 ), whilst completely revamping its savings range to make it simpler. It is the latest move from Barclays in its campaign to deliver good value for money products to attract new customers.
The account is simple and easy to apply for online with a typical application taking around 10 minutes. The new High Interest Savings Account (http://www.barclays.co.uk/10 ) will pay out 10 percent gross/AER interest on savings between £25 and £250 per month for one year after the account is opened (it will be marketed from February 16th 2006 until April 26th 2006). It will be available to both new and existing customers, with the single pre-condition that the customer pays a minimum of £1000 into a Barclays current account each month via a mandated salary or pension credit.
Bruce Kelsall, Barclays Retail Banking Commercial Director, said: "The improvement and simplification of our savings range and the 10 percent Regular Saver Account demonstrates Barclays determination to give its existing customers value for money products and attract new customers.”
“Together with our recent launch of a best in market general insurance proposition (http://www.barclaysgeneralinsurance.co.uk ) and the 0 percent overdraft switcher offer we believe this shows we are serious about offering consumers the best products and service. We will be launching new products across current accounts, savings and mortgages during the course of 2006 to attract more customers to Barclays and retain those already with us.”
At the same time Barclays is simplifying and improving its existing savings range with the launch of two new products and an interest rate increase for younger savers. All of the new accounts can be operated through Barclays branches or via telephone or internet banking:
-- Instant Access – New ‘Easy Saver’ will pay 3 per cent AER on any investment over £1 with no loss of interest if you withdraw. This offers a better rate of the equivalent Halifax, Nationwide, Natwest, Lloyds TSB and HSBC accounts***. In addition, the E savings account is being retained and will continue to pay from 4.14 per cent up to 4.43 per cent AER for balances between £1 and £100k+.
-- Starting to build savings – New ‘Bonus Saver’, will pay from 3.6 per cent AER on £5,000 savings up to 4.11 per cent AER on £100,000, this includes an equivalent annual bonus of 1.5 per cent which is paid each month provided that no withdrawals are made in the month.
-- Short term lock-away – New ‘Regular Saver’ pays 10 per cent interest over a one year term on monthly investments up to a maximum of £250. Money must be left for one year without withdrawal. After one year the balance will be automatically transferred to an Easy Saver account or customers can invest in Barclays Cash ISA which pays up to 5 per cent tax-free.
-- Savings for children – Introduction of a new competitive rate of 4.07 per cent AER, up from 2.52 per cent AER, on balances between £1-£50 in Barclays ‘Childrens Savings’ account.
For further information: http://www.barclays.co.uk/10
Emma Austin (née Keens)
PR Manager, Barclays Corporate Affairs
Office +44 (0)207 116 6145
CW 7 6006 6145
Mobile +44 (0)777 5541675
One Churchill Place, London E14 5HP
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