Savers who are able to limit access to their nest egg can earn a competitive return with building society the West Brom.
Available online through the Society’s WeBSave channel, WeBSave Single Access offers a rate of 1.20% gross p.a./ AER variable and has a fixed term until 31 October 2018.
As the name suggests, one withdrawal per account year can be made without notice or charge, whereas if two or more withdrawals are made then the account will pay a lower rate of interest (currently 0.25%). Once the account year has completed, interest reverts back to the upper rate.
Interest is paid annually and can be capitalised to the account or paid away. There is no option for monthly interest payments.
All applications and account management are carried out through the internet. The minimum opening balance is £1,000. Additional deposits can be made at any time up to the maximum account balance of £500,000.
Sophie Dwyer, the West Brom’s Product Manager for savings, said: “For customers keen to grow their savings, this is an opportunity to access one of the best rates we currently have available.
“Unlike a fixed rate bond, the single withdrawal offers some flexibility should the unexpected happen, but really this account is about encouraging people to save as much as they can and build up their investment over time.”
Visit our product page for more information and details of how to apply.