The Bank of Scotland and Halifax are to withdraw their one of their most generous savings products at midnight tonight. With the Bank of England reducing interest rates at regular intervals, rates are expected to fall as low as 1 per cent, causing banks to remove their best savings deals .
The Bank of Scotland’s Instant Access Savings Reward offers a fixed interest rate of 4.64 per cent interest after tax for a year, as long as there is at last £5,000 in the account and make no more than four withdrawals over the course of the year. Applications can be made over the phone or in branches, though customers will be able to place more money into the account during the year.
The Halifax Guaranteed Saver Reward, meanwhile, offers an even more generous interest rate. The account offers a fixed interest rate of 4.8 per cent after tax for a year, and is available for the rest of the day within branches, on the phone until 8pm, or until midnight on the internet . The account requires a minimum of £2,500, though customers must also have a current account with the bank and must put an extra £1,000 in each month. Four withdrawals may be made a year without penalty.
Banks Remove Savings Deals
Financial Services > e-banking > Banking news
Banks Remove Savings Deals
Wed, 26 Nov 2008
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