View more on these topics

Lambeth&#39s new account range benefits savers

Lambeth is launching a simplified range of four mainstream savings accounts on August 27.

As a result, most savers will benefit from slightly higher interest rates than on the share accounts they supersede.

The new range, introduced following customer feedback, rationalises all interest rate bands between the minimum and maximum balances of £500 and £200,000 respectively.

Lambeth will now notify investors individually each time rates change so they no longer need to spend time finding out from other sources. The new accounts are:

– easi-save: a no-notice account paying from 1% to 2.25%gross/AER, offering immediate withdrawals with no loss of interest

– premium 30: a 30-day notice account paying from 1.25% to2.5% gross/AER.

– olympos 60: a 60-day notice account paying from 1.5% to3.75% gross/AER, paying full interest during the notice period (replaces Olympos 90-day notice share account, which paid only half-interest during period)

– millennium 90: a 90-day notice account paying from 2.9% to4% gross/AER* (replaces Bounty, Millennium and Regent accounts).

All superseded accounts will be converted automatically into easi-save, although customers who wish to do so may switch their funds into another account. Customers with old accounts have been advised of the new range and how they can benefit from higher interest rates.

Sean Wickes general manager, marketing and sales, says: “As a society strongly committed to mutuality, we constantly strive to deliver product improvements that will appeal to both existing and prospective customers. This strategy includes improving the interest rates we will be paying to the majority of members, despite the long-standing low base rate”.


Weed out the unfit

From Richard HallCP146 is what the mortgage industry has needed for a long, long time. It&#39s just a shame it&#39s going to be another 18 months before statutory regulation is implemented. My background is largely in the heavily-regulated life and insurance sectors. The companies I worked for prior to setting up Best Advice flourished. Why? […]

You never said why

From Shaun GodfreyThe publication of CP146 and RAO is extremely welcome because it will give all those firms involved in providing mortgage advice a fantastic opportunity to influence the future of the marketplace. We will be reviewing the 350-page document and asking our membership for their views prior to a formal submission. However, at first […]

Leading UK Mortgage Packager Selects SDS

Mortgage and lending systems supplier SDS Applications Ltd has announced that Solent Mortgage Services will use its &#39SDS Maps&#39 mortgage application processing system. Solent Mortgage Services were established in 1989 and service the whole of the UK from their head office in Lee-on-the-Solent and regional offices in Scotland, Northern Ireland and The South West. SDS […]

Non-conforming ad rules

Lenders and intermediaries advertising non-conforming mortgages will face new rules on advertisements and financial promotions if FSA proposals for regulations are implemented, writes Ben Stafford. As well as laying down its approach to “qualifying credit promotions” including brochures, advertisements, websites and telesales calls, the regulator says that though most lenders opposed further requirements “considerable numbers […]


News and expert analysis straight to your inbox

Sign up