The Co-operative Bank and Britannia increase rates on Fixed Term Deposits by up to 0.4%

June 22, 2011

The Co-operative Bank and Britannia will be raising rates on their Fixed Term Deposits on Friday (24th June) by up to 0.4%.

These will offer customers a highly competitive rate in-branch and are also available online and via the telephone.

One, two and three year Fixed Term Deposits (FTDs) have been re-priced to offer a better rate of interest to savers. This is an increase of 0.4% for a term of 1 year, and an increase of 0.25% for 2 and 3 year terms.

Details on the new rates for both products are as follows:

Product Rate
3 Year Fixed Term Deposit 4.00%*
2 Year Fixed Term Deposit 3.75%
1 Year Fixed Term Deposit 3.40%

  

The new pricing follows recent reports from Moneyfacts** that the average interest paid on fixed-rate savings appears to be falling as banks and building societies adjust to the continued low base rate from the Bank of England.

James Hillon, Head of Savings at the Co-operative Bank said: “Our decision to re-price bonds has bucked the trend at a time when most banks and building societies are reducing rates on fixed rate savings.”

“We want to encourage savers to put money aside for their future and strive to offer competitive rates to our customers.”

Michelle Slade, spokesperson for Moneyfacts, said: “The move by The Co-operative Bank and Britannia to increase their bond rates will be welcomed by customers. The rates on offer are now the highest amongst the high street banks and unlike many other providers these top rates can be found in branch.”

Anyone looking for more information about our range of Fixed Term Deposits can visit any branch of Britannia or The Co-operative Bank, c all 0800 013 1140 (Britannia) or 0800 0288 288 (The Co-operative Bank) or log on to www.co-operativebank.co.uk or www.britannia.co.uk.

 

For further information please contact

Jenna Moss

The Co-operative Financial Services Press Office

Tel: 0161 903 3831

Email : jenna.moss@cfs.coop

Notes to Editors

For media purposes only

*Minimum deposits across the products:

Britannia: £1,000

The Co-operative Bank: £2,000

** http://www.dailymail.co.uk/money/article-2005291/Bitter-news-savers-fixed-rates.html

 

About The Co-operative Financial Services

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five 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 Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.

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

The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Leek, London, Manchester, 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.