Consumers planning on saving money as one of their new year's resolutions have been alerted to changes made to Bank of Scotland's instant access savings account.
Effective since the turn of the year, savers can now benefit from an annual gross interest rate of five per cent on savings of between £1 and £999,999, which is equivalent to four per cent net.
Meanwhile, the gross monthly figure stands at 4.89 per cent, which translates into 3.91 per cent net.
As one of the terms of the deal, Bank of Scotland guarantees that interest rates for its instant access savings account will not fall lower than 0.5 per cent below the base rate.
The base rate is set monthly by the Bank of England's monetary policy committee and currently stands at five per cent.
This follows two quarter-point rises during the course of 2006, although a number of financial analysts have predicted that there may be further rises in store during 2007 to counter inflationary pressures.
The monetary policy committee was given sole responsibility for making interest rate decisions in 1997, following the accession of the Labour Party to power.
Revisions made to Bank of Scotland's instant access savings accounts
Revisions made to Bank of Scotland's instant access savings accounts
Tue, 02 Jan 2007
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