The new top-end interest rate announced by Barclays for its regular saver account has been praised as a "genuine, ring-the-bell eye-catcher" by one financial analyst.
This week, the bank announced that it would offer an annual equivalent rate of 12.5 per cent to all customers who opened a regular savings account before February 28th 2007.
Customers must agree to contribute between £25 and £250 per month while using the savings accounts.
Now, Stuart Glendinning, managing director at financial website moneysupermarket.com, described the figure as "a hell of a rate" and predicted that it could particularly appeal to existing Barclays account holders.
"If you bank with Barclays and you know you'll not get around to going to another bank, this is a savings account you should open," he said.
However, the situation of some consumers may make it more practical to avoid regular saving accounts and instead use instant access savings accounts.
Consumers who wish to find a new savings account may wish to examine branch prices on the high street or alternatively use a financial price comparison website to rapidly compare a wide range of similar products.
Barclays' regular savings account praised
Barclays' regular savings account praised
Wed, 03 Jan 2007
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