Savers ‘to benefit’ with Britannia

Financial service provider Britannia has today claimed that its newest customers are due to receive an improvement in their finances through higher interest payments.

Britannia acquired Bristol & West ten months ago and at the beginning of July almost one million savers with Bristol & West will have their funds transferred to a Britannia account.

Following this point, the company claims that these savers will receive a collective £7.5 million extra in interest before the end of the year.

As an example, Britannia states that 65,000 customers benefited from its interest policies in February 2006, when the rates on its Isa offerings were increased by as much as 0.55 per cent.

“When Britannia first announced the acquisition last year we pledged that no members would be worse off,” said Neville Richardson, chief executive of Britannia.

“This is an important step in the integration of the two organisations and Britannia understands that this is a major change for out members and we have provided detailed information packs to ensure they understand the positive changes that are being made to their accounts.”

Britannia has over 250 branches across the UK and it is anticipated that all former Bristol & West branches will have been transformed into Britannia outlets by the end of the year.