Post Office saving account rate raised

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Post Office saving account rate raised

Fri 6th Jul 2007

Today's interest rate hike by the Bank of England has led the Post Office to immediately pass on the benefit to its savers by increasing its instant saver account rate to six per cent.

With the rate being available from August 1st, the decision follows the bank's decision to increase the base rate by a quarter point to 5.75 per cent, the fifth time it has implemented a hike since August 2006.

The Post Office's generosity does not end there - with the group having announced that it will be providing customers with an additional one per cent bonus from the date of the account opening.

Richard Norman, head of savings at the group, said that the Post Office account "continues to be one of the few savings providers to consistently pass on base rate rises in full to customers, and we guarantee to do so until 2010".

He added: "People need to check they will benefit fully from any rise in interest rates and switch their savings account if they don't".

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