Norwich and Peterborough Building Society is launching two new savings accounts with a choice for customers depending on whether they would prefer to run their savings by post or online.
Although available to both new and existing Norwich and Peterborough Building Society (N&P) customers, both accounts have to be opened with money transferred in from outside N&P.
The first account is an online savings account called E-Saver, which can be opened online or by post, and then operated on an ongoing basis online only. It is a variable interest, easy access account, without notice or loss of interest on withdrawals, and a minimum investment of just GBP1. The account has a 1.55% bonus for the first year, giving a current rate of 6.30% gross in year one, followed by a variable rate of 4.75% from year two onwards.
The second account is a 90-day postal notice account, which can only be opened by post, and then operated by post or the internet. The account offers a 1% bonus for the first year, comes with a guarantee linked to bank base rate, has a monthly interest option, and will offer the same interest rate on any balance from GBP1,000 upwards. The rate is 6.30% gross, including the bonus, followed by a variable rate of 5.30% from year two onwards.
Gary Lacey, group product manager for N&P, said: We know customers like the choice of operating their accounts in different ways, and with these best-buy rates, alongside our best-buy 50 Plus Savings Account and Family Savings Accounts, we’re sure we have an account to suit everyone. At a time when the market is at its most appealing to savers, people with some cash to put in savings should make the most of the great rates currently available.