Norwich and Peterborough launches new savings accounts

Norwich and Peterborough Building Society (N&P) is launching two new savings accounts with ‘best-buy' rates - and there's a choice for customers depending on whether they'd prefer to run their savings by post, or online.

Although available to both new and existing N&P customers, both accounts have to be opened with money transferred in from outside N&P.

The first account is an online savings account called ‘E-Saver', which can be opened online or by post, and then operated on an ongoing basis online only. It is a variable interest, easy access account, without notice or loss of interest on withdrawals, and a minimum investment of just £1. The account has a 1.55% bonus for the first year, giving a current rate of 6.30% gross in year one, followed by a variable rate of 4.75% from year two onwards.

The second account is a 90 day postal notice account, which can only be opened by post, and then operated by post or the Internet. The account offers a 1% bonus for the first year, comes with a guarantee linked to Bank Base Rate, has a monthly interest option, and will offer the same great interest rate on any balance from £1,000 upwards. The rate is 6.30% gross, including the bonus, followed by a variable rate of 5.30% from year two onwards.

Gary Lacey, group product manager for N&P, said: "We know customers like the choice of operating their accounts in different ways, and with these ‘best-buy' rates, alongside our best-buy 50 Plus Savings Account and Family Savings Accounts, we're sure we have an account to suit everyone. At a time when the market is at its most appealing to savers, people with some cash to put in savings should make the most of the great rates currently available."