Portman Branch Notice Saver account launched

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Portman Branch Notice Saver account launched

A Portman Branch Notice Saver account has been made available to the public, with an interest rate of five per cent gross per year on balances of £1,000 and over.

This amount is the minimum opening balance and if the investment level should fall below this level an interest rate of one per cent will be paid.

The product is a 90-day notice account and is available through the building society's branch network with an interest rate that is guaranteed to be at least level with the Bank of England base rate until December 31st 2007.

Interest payments will be made annually on January 1st and immediate withdrawals from the Portman Branch Notice Saver account will be subject to the loss of 90 days' interest.

"Our commitment to our branch network has never been greater and our decision to offer five per cent on this saving product exclusively through our branches underlines that," said Helen Shaw, group communication manager at Portman.

"By rewarding customer usage of branches in this way, our aim is to remind customers about their local branch and encourage greater usage of it."

The Portman Branch Notice Saver account will remain as a 90-day notice product following the base rate guarantee period, although customers will not be informed in writing of the end of this phase of the account.