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All superseded accounts will be converted automatically into easi-save, although customers who wish to do so may switch their funds into another account.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”.