The Co-operative bank offers new select access saver account

September 27, 2011

The Co-operative Bank has some welcome news for savers this week (29 September 2011) with the launch of a new Select Access Saver account at a rate of 2.25% gross.

The Select Access Saver account is available to all UK residents (16 or over), with a minimum opening deposit of £500.

The new savings account benefits from an attractive interest rate, plus the freedom to access the money when needed, as long as the withdrawals are limited to no more than four times a year, the interest rate won’t be affected**.

James Hillon, Head of Savings at The Co-operative Bank, said: “We want to encourage people to save regularly, we know putting a big chunk or all of your savings away for a long period of time can be daunting. The new Select Access Saver account which is open to everyone, provides good returns with the peace of mind that if you did need to withdraw some of your money for an emergency or treat you could do so without being penalised.”

“This savings account is bridging the gap between an instant access account and a fixed term deposit, and to top it all, the Select Access Saver account has no introductory bonuses or penalties, which makes it a really simple product to understand and manage”.

The new product will be available from the 29th September and can be opened by telephone or in all 342 Britannia and The Co-operative Bank branches.

For more information or to apply for a Select Access Savings Account please call 0800 269 655 or visit www.co-operativebank.co.uk/savings.

Notes to Editors

For further information please contact
Alejandra Solis / Lauren Hoult
The Co-operative Banking Group Press Office
Tel: 0161 903 4407
Email : alejandra.solis@cfs.coop
Twitter: @CoopBankingPR

 

Full Select Access Saving Account Specifications

Interest Rate 4 withdrawals or less per calendar year = 2.25% gross/AER
5 withdrawals or more per calendar year = 0.10% gross/AER until 1 st Jan the following year when it will revert to the higher rate
Interest paid frequency Annually
Interest payment date 1st Jan
Minimum Opening Deposit £500
Minimum Balance £1
Maximum Balance £1,000,000
Minimum Deposit £1
Maximum Deposit £1,000,000
Age Restriction 16
Residency UK
Max no. of account holders 2
Account holder types Sole / Joint

 

**If you make more than four withdrawals during the same calendar year, the lower rate of interest will apply from your fifth withdrawal until 31st December in the same calendar year. The interest rate on your account will revert to the higher rate on 1st January of the following calendar year.

About The Co-operative Banking Group

The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around six million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The Co-operative Banking Group has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and major presences in Manchester, Leek, London, Plymouth, Skelmersdale and Stockport.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.