New account is a welcome bonus for West Brom savers

The West Brom is hoping to put a seasonal spring in savers’ steps by releasing a new market leading account via its direct distribution channel.

The building society’s Direct Bonus Account 6 pays 2.05% gross p.a. / AER variable including a 0.55% unconditional bonus until 31 May 2014.

There is also an option to receive a monthly interest payment, which equates to a gross return of 2.03% (2.05% AER).

Four withdrawals can be made during each account year with no loss of interest. Subsequent withdrawals will incur a charge equal to 90 days loss of interest on the amount withdrawn.

The minimum opening balance for Direct Bonus Account 6 is £10,000 and the maximum investment is £100,000 (single or joint). Applications must be made online at the West Brom’s website and then submitted by post. Account management is carried out via the telephone or post.

Richard Hopwood, Sales and Marketing Director for the West Brom, said: “We expect strong demand for this latest savings product thanks to its competitive rate and the option for customers to receive monthly interest payments.

“This is particularly important for people who want to access a regular income stream through their savings during what continue to be challenging economic times.”

The West Brom is the UK’s sixth largest building society providing a broad range of financial products and services, notably savings, investments and residential mortgages.