Loyalty rewarded at Derbyshire BS

Rachel Thrussell, Head of savings at Moneyfacts.co.uk, comments: “Today sees the launch of a new regular saver from Derbyshire BS. The account has standard regular saver T&Cs, requiring regular deposits of between £10 and £250 per month. The account has no expiry date, and allows four penalty free withdrawals per year.

“The interest rate ranges between 6.5% and 8%, and is determined by the number of years you have been a customer with Derbyshire BS. 6.5% is paid for customers of between one and two years, with the maximum 8% paid to customers of 10 years and over.

“It’s good to see loyalty being rewarded for a change, as far too often the best deals used to attract in new business are unavailable to existing customers. This is a great product for any existing Derbyshire customer; it’s simple and flexible with the offer of four free withdrawals per year. The top rate of 8% is market leading, with rates of 7%-7.5% dominating the Moneyfacts.co.uk best buys for no strings regular savings accounts.

“Offering a decent paying no stings regular saver may also encourage investors to save regularly, which must also be applauded.

“Let’s hope more providers adopt this strategy of looking after their existing customers, as this is one of the few examples in the market at present where loyalty does pay.”