High five for The Tipton

The Tipton and Coseley Building Society has reported net savings receipts in July totalled over £5m, the highest monthly inflow since October 2008 and the second highest in their 109-year history.

Chris Martin, the Tipton’s chief executive, comments: “We are intent on offering members a safe and secure home for their savings combined with competitive returns. As this figure shows, it is clear we are doing that.”

The result has largely been attributed to the launch, this year, of two savings products - the postal ‘Premier 30’ and branch-based ‘Hallmark 30’.

With the Tipton’s ‘Premier 30’, savers with £50,000 or more can benefit currently from 3.0 per cent gross interest on their investment, while those with between £25,000 and £49,999 will earn 2.90 per cent gross and 2.80 per cent gross for savings between £10,000 and £24,999. The account requires a minimum investment of £10,000 and a 30 day notice period for all withdrawals. The rate of interest is variable and includes a 1.55 per cent introductory bonus which is payable for the first 12 months following inception of the account.

The branch-based ‘Hallmark 30’ account also offers an attractive rate of interest, is ideal for those savers who have a minimum of £10,000 to invest and who do not need immediate access to their funds. Savers with £50,000 or more can benefit from 2.75 per cent gross interest and as with the ‘Premier 30’, withdrawals from the ‘Hallmark 30’ require a prior notice period of 30 days and interest can either be paid annually as a lump sum or as a monthly income.

For information on The Tipton’s range of savings accounts, drop in at one of the branches in Tipton, Coseley, Sedgley or Bilston.