The Co-operative Bank launched a new savings account yesterday which pays the highest rate of interest available on the high street for tracker products.
The new High Interest Tracker savings account has no withdrawal restrictions and offers an attractive variable interest rate of 4.50 per cent, with a guaranteed bonus of 0.50 per cent after twelve months, provided the account does not drop below £5,000.
Along with its attractive interest rate, the new account is guaranteed to remain below 0.25 per cent of the Bank of England base rate until the end of 2008.
"We believe that customers should be able to access their savings when and how they choose without paying penalties or compromising on the interest rate," said Sheila Macdonald, chief operating officer at the Co-operative Bank.
An additional savings product, the Smart Saver account, offers an interest rate of four per cent with a minimum opening balance of just £1. It has no penalties for withdrawals, and allows customers to withdraw from ATMs.
"The Co-operative Bank is delighted to offer these two new savings products to both existing and new customers," Ms Macdonald stated.
"They will provide savers with attractive interest rates combined with superb flexibility, and will suit the needs of those who already have savings, and those who want to start." Click here to find out more about savings accounts.
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