Wednesday 19th July 2006
Halifax has announced its new Guaranteed Saver account with a gross interest rate of 4.5 per cent on balances.
The instant access account will give this preferential rate to customers that hold a Halifax or Bank of Scotland current account – other customers will receive a 3.5 per cent rate.
It is the guarantee to track Bank of England Base Rates until 2008 that makes this a significant new product, particularly at a time when interest rates are widely anticipated to rise before the end of the year.
"On its own this product is very competitive, combined with one of our current accounts its a fantastic deal that can make customers hundreds of pounds better off every year," said Peter Jackson, managing director of banking & savings at Halifax Bank of Scotland.
The account needs a minimum opening balance of £5,000 and allows four withdrawals a year without penalty. 
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