Former account holders at Bristol and West (B&W) are set to receive a £7.5 million interest increase when their accounts are switched across to Britannia Building Society next month.
Following the acquisition of B&W's savings business by Britannia, almost one million former holders of savings accounts will see their interest rates jump by up to 0.55 per cent on select ISAs.
Existing Britannia members are also set to benefit from the takeover, as former B&W branches will be renovated and remodelled as Britannia premises, expanding the network to over 250 branches by the end of 2006 as part of a £17 million refurbishment plan.
"When Britannia first announced the acquisition last year we pledged that no members would be worse off," said Britannia chief executive, Neville Richardson.
"This is an important step in the integration of the two organisations and Britannia understands that this is a major change for our members and we have provided detailed information packs to ensure they understand the positive changes that are being made to their accounts."To read more about banking, click here.
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