Building society the West Brom has today (3 December) launched a new variable rate savings account through its ‘direct’ telephone and postal channel.
Available to new and existing customers, the Direct Double Access account offers a market leading interest rate of 1.50% gross p.a./ AER variable and permits up to two withdrawals per account year with no loss of interest.
Subsequent withdrawals can be made, but the rate of interest will drop to 0.25% gross p.a./ AER variable until a new account year begins.
The minimum opening balance is £1,000. Additional deposits can be made at any time up to a maximum balance of £250,000.
Customers are able to choose from annual or monthly interest payments, but monthly interest cannot be capitalised and must be paid to another West Brom savings account or an account with an alternative UK bank or building society.
Sophie Dwyer, the West Brom’s Product Manager for savings, said: “Often it can help to have the reassurance that you can access your savings should you need to.
“With our Direct Double Access account you have the convenience of two withdrawals a year without notice or charge.”
To open a Direct Double Access account, customers can download an application form and post a completed copy to the Society. Applications can also be made over the telephone or via any West Brom branch, where staff will help customers to complete and send off the necessary form.
Account management is via telephone or post. Deposits, including the initial opening investment, can be made by electronic transfer.
Find out more about Direct Double Access by visiting our product page.