Society Announces Improvements to its Saver Accounts

Phil Gray, Chief Executive, has announced changes to the Society’s savings accounts to improve the terms by which customers can use their accounts and generally make it easier to access their savings when they want or need to. From 1st June 2009, current 60 Day Notice account holders will no longer have to give any notice whatsoever as these accounts will revert to Instant Access terms. Capital Account and 120 Day Bonus Account holders will see their accounts merge into a new 30 Day Notice account and so have the benefit of the notice period being reduced to 30 days. Capital Account customers are able to obtain a notice and penalty free withdrawal of up to £5,000 a month and this will now be available to all account holders in the new account..
Explaining the changes Mr Gray commented ‘With interest rates having fallen significantly over the last six months it has highlighted the differences in terms and conditions. With low interest rates it could be argued that some of these terms are no longer entirely valid. We have therefore taken the opportunity to improve the terms and make it easier for customers to deal with us. As interest rates start to increase then hopefully the added flexibility of the accounts will continue to benefit existing and new customers.