West Bromwich (PRWEB UK) 23 May 2011
Building society the West Brom is promoting the merits of regular savings with the launch of two new fixed rate accounts.
The Fixed Rate Regular Saver offers a market leading rate of 4.10% gross p.a./AER over a one year term. There is also a children’s savings account specifically for under 16s – Children’s Fixed Rate Regular Saver – which rewards young savers by paying 4.60% gross p.a./AER, again over a one year term.
Regular saver accounts are designed to help people get into and stick with a regular savings habit in order to achieve their goals.
Savers make regular payments into the account every month, gradually building up a savings pot which is accessible at the end of the year.
This lump sum can then be reinvested, used to clear any existing debts or put towards a big purchase, such as a dream holiday, new car or home improvement project.
The West Brom’s Fixed Rate Regular Saver requires a minimum monthly in-payment of £10 and allows a maximum of £250. For the children’s savings account, regular payments are between £10 and £100 per month.
Both accounts allow customers to miss up to two monthly payments and still qualify for the maximum interest rate.
Stephen Leonard, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “Regular saver accounts are a great way for people to get into the habit of putting small amounts of money aside and building up a savings pot over time. They help savers stay disciplined by committing to invest realistic sums each month and then leaving that money untouched until the 12 month period is up.
“We are offering very competitive rates of interest on both our regular saver accounts, which we hope will encourage customers of all ages to start saving if they haven’t already. Whatever their savings goal, be it a holiday, a wedding, university fees, or a deposit for a house, utilising a regular savings account is definitely worth considering.”
Fixed Rate Regular Saver is open to new and existing West Brom customers aged 17 or over and can be arranged through any of the Society’s branches. Product information can be found at http://www.westbrom.co.uk.
Children’s Fixed Rate Regular Saver is also available through branches and is open to customers aged 16 or under.