Societies launch new Monthly Saver account

The Cheshire, Derbyshire and Dunfermline building societies have launched a new account designed to offer the best interest rates with high investment flexibility.

A new monthly saver account offering four per cent gross AER plus a conditional bonus of the Bank of England's base rate plus 3.5 per cent as been launched by the three societies, which are all part of Nationwide.

To qualify for the conditional bonus rate, customers can make one withdrawal in addition to missing one monthly deposit up until 31st October 2010.

Alistair Welham, head of products and marketing for the Cheshire, Derbyshire and Dunfermline, said the key benefit of this account is its flexibility, both in the first year and moving forwards.

He added: "Savers can vary the amounts invested from a minimum of £10 up to £250 each month according to their personal financial circumstances.

"There is no limit to the number of deposits made each month and with a guarantee of Bank of England Base Rate plus 1.5 per cent in the second year, this really is a very competitive savings account."

Last week, Linda McBain, head of banking at Investec, claimed that many consumers are still failing to check the best interest rates on savings available in the market today.

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2009-10-19 10:16:01 © Moneyextra.com