Comment on the launch of the new West Brom BS 3.01 per cent easy access savings account

Published:

09/03/2011

Topic:

Press Release,Money,Savings

Commenting on the launch of West Brom Building Society's new 3.01 per cent easy access savings account, Kevin Mountford, head of banking at moneysupermarket.com said:

"Although Bank of England Base Rate remains at a record low of 0.50 per cent there is good news for savers as providers battle for deposits. For most consumers, rainy day easy access accounts are the most popular place for their cash and since the end of 2010 we have seen rates steadily increase and now West Bromwich Building has launched a new easy access account offering 3.00 per cent.

"This is the first time since March 2010 that easy access rates have broken through the three per cent barrier. Although the West Brom product carries a sizeable first year bonus, it presents a great opportunity to make your cash work harder, but you need to be prepared to switch at the end of the 12 months.

"It is widely recognised that the majority of savers are earning a rate equal or less than Base Rate. Although the leading savings rates may appear low, the top rate is six times that of Base Rate, so for most savers it is a great opportunity to take full advantage and switch to the best deals and put extra money back into your own pockets."

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