Halifax launches new secure saver

20 July 2006
A special savings account with the added security of a tracker rate of interest has been announced by Halifax.

The high street bank's Guaranteed Saver account will pay a gross interest rate of 4.5 per cent on balances over £5,000 for customers who also hold a Halifax or Bank of Scotland current account. For customers without a current account here, the rate drops to 3.5 per cent gross.

The interest rate is guaranteed to track the Bank of England base rate until July 2008 but still allows instant access to savings from any branch, making it an attractive proposition for many savers.

HBOS' managing director for banking and savings, Peter Jackson, commented: "On its own this product is very competitive; combined with one of our current accounts it's a fantastic deal that can make customers hundreds of pounds better off every year."

Halifax claims the combined value of this saver account and their highly-publicised premium rate current account could earn customers who switch from one of the larger high street banks an average of over £150 each year.

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