Britannia launches new savings account

Wed, 06 Aug 2008

Britannia Building Society has launched a new savings account which it claims is perfect for those looking to achieve a long-term goal.

The DirectSaver Reserve savings account offers a rate of 6.25 per cent gross and would be ideal for people planning a wedding, a holiday or even a new baby, according to the company.

Tim Franklin, managing director of member business at the building society, said: "We all have big purchases to pay for at some point in our lives and many people underestimate how much they will cost.

"By planning ahead, and building up a savings reserve, people can spread this huge cost and reduce the financial shock."

The savings account is linked to a customer's current account and they will be able to transfer money in either direction using the telephone, internet or post, he added.

However, people are limited to 12 withdrawals a year, Mr Franklin stated.

Yesterday, Rachel Le Brocq, a spokesperson for the Buildings Societies Association (BSA), urged people to make full use of their tax free individual savings account allowance.
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