C&G Reserve Account set for launch

www.moneynews.co.uk > Banking > C&G Reserve Account set for launch

C&G Reserve Account set for launch

Fri 6th Oct 2006

The Cheltenham & Gloucester (C&G) Reserve Account is set to be launched on October 9th 2006, boasting a high interest rate.

Customers will be offered a 5.35 per cent gross interest rate, but the C&G Reserve Account is only available to those with £50,000 or more to invest.

The bank guarantees an interest rate that will not reduce more than 25 per cent below the Bank of England base rate until January 31st 2008.

C&G's head of marketing Ian Whittaker stated: "The Reserve Account is available to those with significant balances to invest who want a combination of a market-leading interest rate without exposure to fluctuating stock markets or more risky investment vehicles."

One key perk of the account is customers will be able to make three no notice, no penalty withdrawals per year.

C&G converted from a building society to a PLC in 1995 and now forms part of the Lloyds TSB bank group. The move paved the way for a series of similar demutualisations.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'