Rates set to be raised on the Post Office Instant Saver Account

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Rates set to be raised on the Post Office Instant Saver Account

The Post Office Instant Saver Account is set to have its rates increased from 4.75 per cent to five per cent, it has been announced.

Available to new and existing Post Office customers from August 29th 2006, the product adjustment has been made in line with the rise in the Bank of England base rate, which was announced yesterday.

Offering six free withdrawals a year, the Post Office Instant Saver Account is guaranteed to maintain a rate within one per cent of the base rate and is available from any of the UK's 14,300 Post Office branches.

Richard Norman, head of savings at the Post Office, said: "The Post Office is committed to offering customers great value and we want to pass this new rate on to savers as soon as possible so they get the most out of their money."

The Post Office also offers a range of insurance and credit card products.

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