A new rate for a New Year!

Everyone who has made a New Year’s resolution to be better with their money this year should make a beeline to Norwich and Peterborough Building Society (N&P) - as customers can now earn up to 45 times more interest on their current account than with the big four banks!

N&P has launched a fourth interest rate tier to its Gold Current Account, which means that customers who pay £1,500 or more into their account each month and view their monthly statements online, will receive a whopping 4.50% gross interest on balances up to £5,000. This is 45 times more interest than any of the big four banks pay on their standard branch-based current accounts. Customers will also only pay 7.74% EAR on their approved overdraft.

Customers who pay between £500 and £1,499 into their accounts each month will receive 3.50% gross interest on their balance and 9.79% EAR overdraft interest.

Andrew Clare, head of banking at N&P said: “We wanted to give an even better rate to customers who credit more to their accounts each month, and save cost and the environment by viewing their statements online instead of having paper statements. And we’ve increased the interest rate paid to customers who credit over £500 into their accounts. It’s very simple - the higher the amount credited to the account each month, the higher the interest rate we pay to the customer. Plus, where most banks only pay the higher rate of interest up to a maximum balance of £2,500 or £3,000, we will pay it up to a maximum of £5,000, so we pay more interest on more of our customers’ money!”