Manchester BS offers new 3.31% interest rate best buy

The best buy tables for short-term notice savings accounts crowned a new king lately, with Manchester Building Society’s new 3.31 per cent interest rate offering.

The new Premier Notice Issue 34 savings product, an account with a 45 day notice period, is available either by post or in branch.  Savers can make four withdrawals a year with no penalty, provided they adhere to the requirement of providing 45 days’ worth of notice each time.

The interest rate on the new offering is substantially higher than instant access account rates.  The top honours for instant access savers go to West Bromwich Building Society with its 3.17 per cent offering.

The majority of notice accounts require longer periods of warning in order to withdraw funds, such as the 120 days’ notice required by Whiteaway Laidlaw Bank, which offers a notice rate of 3.15 per cent. The 3.31 per cent rate of return offered by Manchester’s Premier Notice 34 drops to 2.65 per cent after the basic tax rate.

The minimum deposit to open the account is £1,000, while the maximum is as high as £75,000.  Savers can take up the new account up until November 11, though the building society can withdraw the offering early due to any number of issues.

However, there are some limitations on the account.  1.5 percentage points of its 3.31 per cent rate is a bonus rate, which expires after the first 12 months, and Manchester BS is not allowing its customers to transfer funds from an existing account, reserving the new offering to ‘new funds only.’

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