Post Office launches leading notice account

Money and stopwatch

The Post Office has launched a new issue of its reward saver account.

With a rate of 3% and a notice period of only 30 days, it's one of the most competitive notice accounts on the market.

The reward account includes a 1.25% bonus interest rate for the first year. It also comes with the Post Office's 'savings promise', which ensures the account will amend its interest rate in line with any Bank of England base rate changes until January 2013 at least. So if the base rate rises by 0.5%, the interest rate on the account will rise to 3.5%.

Savers who wish to access their accounts will have to give 30 days' notice to avoid losing any interest. The account can be monitored through branches, by phone or post.

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Dedication to savers

"The new issue of the Post Office reward saver account further demonstrates our dedication to branch savers.

"The best-buy rate will help more people make their money work harder for them," says director of savings and investments, for the Post Office, Richard Norman.

The reward saver's 3% interest rate compares favourably to its competitors. Aldermore's 30-days' notice account pays 2.9%, while Loughborough Building Society's 90-days' notice account pays 2.78%.

There are notice accounts paying higher interest rates, such as Shawbrook Bank's account paying 3.45% – but savers need to give 120 days' notice before they can access their money.

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