New Cooperative Bank savings account available

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New Cooperative Bank savings account available

A new Cooperative Bank savings account is available as of today, promising the highest rate of interest for tracker products available on the high street with no withdrawal restrictions.

The new High Interest Tracker account is, unusually for savings accounts, available through four mediums: branches, internet, telephone and post.

It provides a guarantee to remain below 0.25 per cent of Bank of England base rate until the end of 2008, in addition to reassuring investors that their money will be ethically invested.

The Cooperative Bank High Interest Tracker savings account has an interest rate of 4.5 per cent (variable) with a guaranteed bonus of 0.5 per cent after 12 months, provided a minimum balance of £5,000 is maintained.

The minimum opening deposit is £5,000, but an additional option exists for those who want to invest less: requiring a minimum deposit of just £1 and offering an interest rate of four per cent, customers can also opt for the Cooperative Bank Smart Saver account.

The Smart Saver account imposes no penalties for withdrawals and even allows customers to withdraw funds from ATMs.

Sheila Macdonald, chief operating officer at the Cooperative Bank, said: "We believe that customers should be able to access their savings when and how they choose without paying penalties or compromising on the interest rate.

"The Cooperative Bank is therefore delighted to offer these two new savings products to both existing and new customers. They will provide savers with attractive interest rates combined with superb flexibility, and will suit the needs of those who already have savings, and those who want to start."

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