Great News For Silver Savers - 6.4% Interest On Savings!
July 2007
Competition is really hot at present in the Savings market especially for the silver savers (classed as over 50s and over 60s – banks & building societies have different definitions).
Case in point is the excellent Sixty Plus eSave account offered by the Coventry Building Society which pays a staggering 6.4% gross interest per annum plus the rate is fixed until June 30 2008.
And to put this rate in perspective the official Bank of England base rate at the time of writing is 5.5%.
Sixty Plus eSave Account - More Details
- Open not only to new customers but anyone already with an account will benefit from the new rate
- Fixed until 30th June 2008
- Offers instant access of you money so no penalties on withdrawing your money
- The account can only be opened and operated online
- Minimum investment of just £1, maximum £250,000
Tip For The Future
While we’re not suggesting that the Coventry Building Society will play any games in a year’s time (when the rate guarantee expires) the following is still something to on the guard for.
Basically a classic marketing trick used by many of the banks is to offer an outstanding rate today (to attract loads of new business) and then drop the rate significantly in 1-2 years time. The banks know that many people either won’t notice or can’t be bothered to do anything about it and so their coffers remain pretty full. This strategy has been a real money maker over the last several years.
So put the date July 2008 in your diary and if the rate on this account drops considerably get proactive and move your money to another account.
Yes, this sounds like a lot of work but with the internet it’s pretty simple to open a new account these days and you might find that 30 minutes (researching and opening a new account) of work results in an extra £100 or maybe more in interest payments over a year.
Summary
A big tip of the hat must go to the Coventry Building Society for taking a really proactive route in helping out the older savers of the country with this outstanding savings offer.
See Also
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