New 'Best-Buy' Savings Rates from N&P : N&P launches two great new savings accounts One postal and one Internet-based

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Norwich and Peterborough Building Society (N&P) is launching two new savings accounts with ‘best-buy’ rates* – and there’s a choice for customers depending on whether they’d prefer to run their savings by post, or online.

Although available to both new and existing N&P customers, both accounts have to be opened with money transferred in from outside N&P.

The first account is an online savings account called 'E-Saver', which can be opened online or by post, and then operated on an ongoing basis online only. It is a variable interest, easy access account, without notice or loss of interest on withdrawals, and a minimum investment of just £1. The account has a 1.55% bonus for the first year, giving a current rate of 6.30% gross in year one, followed by a variable rate of 4.75% from year two onwards.

The second account is a 90 day postal notice account, which can only be opened by post, and then operated by post or the Internet. The account offers a 1% bonus for the first year, comes with a guarantee linked to Bank Base Rate, has a monthly interest option, and will offer the same great interest rate on any balance from £1,000 upwards. The rate is 6.30% gross, including the bonus, followed by a variable rate of 5.30% from year two onwards.

Gary Lacey, group product manager for N&P, said: "We know customers like the choice of operating their accounts in different ways, and with these 'best buy' rates*, alongside our best buy 50 Plus Savings Account and Family Savings Account, we're sure we have a savings account to suit everyone. At a time when the market is at its most appealing to savers, people with some cash to put in savings should make the most of the great rates currently available."

  • At time of issuing this press release

Full product details

E-Saver Account

Including 1.55% bonus in year one:

Gross   Net   AER 6.30% 5.04% 6.30% Then variable rate of: 4.75% (annual) 3.80% 4.75% Main features:

Minimum balance £1, maximum £1million. Easy access without notice or loss of interest. Additional deposits allowed at any time from accounts held with other institutions. Bonus paid on anniversary of account opening. Limited to one account per customer. To open an account, people should log on to http://www.npbs.co.uk/savings/e-saver.asp to apply online, or download an application form and send it to N&P. 90 Day Postal Notice Account

Including 1% bonus in year one: Gross   Net   AER 6.30% (annual) 5.04% 6.30% 6.18% (monthly) 4.94% 6.30% Then variable rate of: 5.30% (annual) 4.24% 5.30% 5.18% (monthly) 4.14% 5.30% Main features:

Minimum balance £1,000, maximum £1million. Access on 90 days notice, or earlier access with loss of 90 days interest on amount withdrawn. Additional deposits allowed at any time from accounts held with other institutions. Bonus paid on anniversary of account opening. Guarantee that variable interest rate will be no lower than Bank Base Rate until 1st January 2010. Passbook account. Limited to one account per customer. Monthly interest option available. To find out more or to open an account, people should log on to http://www.npbs.co.uk, or call 0845 300 2511.

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Laura Hogg
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