New rewards from Bank of Scotland

Bank of Scotland has confirmed the launch of a new issue of its Instant Access Savings Account Reward on February 9th.

The offer - available through March 10th - will see savers receive a fixed rate of 5.75% AER/gross p.a. for 12 months. After 12 months the account becomes an Instant Access Savings Account (standard) with variable interest rates.

The account - limited to one per customer - can be opened by phone, online or in Bank of Scotland branches. An optional ATM card is available.

Minimum balance is £5,000. If the balance drops below the minimum balance during the 12 months, the account will become a BoS Instant Access Savings Account (standard) with variable interest rates. That two tier account currently pays 5.25% or 5.35%.

Maximum balance is £1,000,000. If the balance goes above the maximum balance allowed during the 12 months, the account again will become a BoS Instant Access Savings Account (standard) with variable interest rates.

One withdrawal will be allowed during the 12 month period. Again, if more than one withdrawal is made, the account will become to a BoS Instant Access Savings Account (standard) with variable interest rates.

08 February 2007 © Moneyextra.com

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