Friday 10th November 2006
Post Office has raised the interest rate on its instant-access savings account in accordance with the Bank of Englands increase in the base rate.
The move represents a fulfilment of Post Offices promise that its account will exceed the base rate and match any changes made by the Bank of England.
Richard Norman, head of savings at Post Office, said: "The Post Office is committed to offering great customer value."
"Thats why we guarantee to raise rates on the instant saver account in line with any increases in the Bank of England base rate until January 2008," he added.
Customers can make up to six fee-free withdrawals each year, beyond which any further money taken out of the account incurs a £1 fee.
Post Office added that it promises that beyond January 2008 its interest rate will remain within one per cent of the base rate for the life of the account.
The instant saver account is available to anyone aged 11 or over and pays on balances in excess of £500.
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