N&P's new Branch Saver account with one year bonus rate

N&P (Norwich and Peterborough Building Society), has launched a new savings account which pays a very attractive rate of 2.25% (including bonus) and which is guaranteed to follow any increase in Bank Base Rate in 2011.

N&P's Branch Saver account is available from Wednesday 11th, and can be opened at any of the Society's 46 branches with as little as £1. The rate is a variable rate and for the first year, a bonus of 1.25% will be paid. All deposits into Branch Saver must be new to N&P, i.e. no transfers from other N&P accounts are allowed.

Gary Lacey, savings product manager at N&P, said:  "Often, the best savings accounts seem to be restricted to the internet channel, or require large deposits.  However, N&P's Branch Saver account pays a great rate for a day-to-day, easy access account and is available through all of our branches with only £1 needed to open.  There is also the added benefit that the rate is guaranteed to follow any increase in Bank Base Rate for the remainder of this year."

Branch Saver details

Minimum balance £1, maximum balance £1 million.

Year one variable interest rate of 2.25% (gross), 1.80% (net), and year two onwards variable rate of 1% (gross), 0.8% (net).  The bonus in the first year will be paid on the anniversary of the account opening and will be paid directly into the account.

Interest can be paid monthly or annually.
The account can only be opened in branch, but postal transactions will be allowed thereafter.
Withdrawals can be made at any time without notice or interest penalty.
Deposits should be new money only (not transferred from an existing N&P account).
Only one account per person for the life of the product.
It can be opened in single or joint names.