Cooperative launches new fixed-term deposit rate

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Cooperative launches new fixed-term deposit rate

Mon 17th Mar 2008

The Cooperative Bank is offering a new fixed-term deposit rate of up to 6.62 per cent gross AER on a one-year term.

It said that fixed-term deposits provide people with a low-risk way of saving with guaranteed fixed-returns on their investments.

Customers choosing a fixed-term deposit at the Cooperative have the option to have their interest paid on maturity or monthly into another bank account.

They can also choose between one, two or three-year terms and make deposits between £2,000 and £1,000,000.

The new fixed-term deposit rate is available in branch, online or via the telephone.

Scott McPhail, savings product manager at the bank, said: "By saving with the Cooperative Bank, not only are people getting a very competitive rate but also the reassurance that they are banking with a provider that's 'good with money' on every level."

A number of banks and other financial organisations have said recently that the government needs to do more to encourage people to save at all levels.

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