From the beginning of November, the West Bromwich Building Society will change the way its savers receive savings interest.
Members who have had Privileged Membership Accounts for two years or more will receive a variable interest rate, according to how long and how much they have saved. Savers could stand to earn as much as five per cent on the society's Privileged Saver Premier savings account.
West Bromwich is also planning to close old savings accounts it believes are dated. It says it will move Notice Saver Account holders to the Bonus Saver Account, and the Direct Notice Saver Account to the Direct Easy Access Account.
David Johnston, general manager of marketing at the society, said: "We only have a small number of transactions on these old notice accounts, and they are not popular with new savers.
"We would encourage members to continue to invest with us, become Privileged Savers and thereby reap the rewards that Privileged membership brings to many thousands of members."
The West Midlands-based society is the ninth largest in the country and has around fifty branches in the region.
Reward for those saving money the longest
Reward for those saving money the longest
Thu, 06 Oct 2005
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