Halifax and the Bank of Scotland have launched their new Guaranteed Saver Account.
The new savings account will pay up to 4.5% gross on balances, although you will have to be an existing Halifax / BoS customer in order to receive this special rate. New customers will be given a rate of 3.5%.
The minimum deposit for the account is £5,000, and the account comes with 4 penalty-free withdrawals per year, and then 30-day loss of interest for any other withdrawals. Access to your money can be made in a branch, on the telephone or via the internet.
The account guarantees that it will not pay less than the Bank of England’s base rate until 16th August 2008 (or the base rate less 1% for savers without a Halifax / BoS current account paying in at least £1,000 a month).
How does this compare with other savings account?
Well, unless you already have a Halifax / BoS current account, and are willing to pay in over £1,000 per month, it’s not the greatest deal. Having said that, the new Halifax High Interest current account is quite a good-looking account.