The launch of Nottingham Building Society’s new 3-Saver 3 is accompanied by a 3.2 per cent interest rate, unlimited withdrawals, and requires only a £1 minimum deposit. However, 2.2 percentage points of that rate is a bonus rate, and savers that close their account prior to the end of June of next year will see only a 1 per cent return on their total investment.
Savers must constantly be on the look-out for the peculiarities and particulars of each of the easy-assess saving products currently on offer in the UK, as non-compliance with even one of these terms and conditions can result in the loss of your bonus rate. One such example of this is the limits placed upon the WebSave Easy Access account from West Brom, which offers a high 3.16 per cent on deposits in excess of £10,000, but will penalise a saver by confiscating 90 days’ worth of accrued interest on any withdrawals over four in a 12 month period.
Another high-rate savings product, the eSaver Issue 4 from Santander, has only an 0.5 per cent base rate, with the rest of its 3 per cent rate made up of a bonus variable rate. However, because it is variable, Santander can change the bonus on a whim, which could see savers given the short end of the stick if the Spanish banking giant decides to alter its offering.