Halifax launches 10% regular saver account
Thursday, 05 Jun 2008 15:35
Halifax has brought out a regular saver account offering 10 per cent interest.
The offer closes on July 20th and monthly deposits between £25 and £500 are allowed, and no other Halifax account is needed to be taken.
If the account is closed early or a withdrawal is made, the rate drops to that of Halifax's Web Saver account - 4.36 per cent.
Additionally, those with £5,000 in a Halifax savings account will earn 12 per cent interest on the regular saver account.
If £25 is saved month over the year £16.25 will be earned on the 10 per cent offer, while £500 a month will see £325 interest. On the 12 per cent offer this rises to £19.50 and £390 respectively.
Tony Wilcox, head of savings at Halifax, said: "This is the market-leading regular savings account. It is now even more attractive for savers to establish that all-important regular savings habit."
Andrew Hagger from moneynet.co.uk said: "Double-digit savings rates are usually very hard to come by and those that do come to the fore usually require you to transfer your current account as part of the deal.
"This ten per cent deal is only available for six weeks, so you'll need to get your skates on or miss out on one of the best savings deals seen for a number of years.”
He added: “The intensity of competition in the savings market shows no sign of abating, with big names coming to the table with new highly competitive products on almost a weekly basis.
"The UK population needs to get back into the habit of saving, and the current raft of attractive rates on offer will hopefully encourage more savers to sign up and start earning a decent return on their cash.”