Britannia extends guarantee on savings account

Financial service provider Britannia has extended the rate guarantee that it offers on its DirectSaver account.

The lender offers a guarantee that its savings account will match the Bank of England base rate – meaning that it currently has an interest level of 4.5 per cent on a minimum balance of £1,000.

Previously, this offer had been given an end date of July 31st 2006 but Britannia has now announced that this date will be extended by 12 months.

Tim Franklin, managing director of member business for Britannia, said that the move was made to offer more assurance to its customers.

“The DirectSaver is one of Britannia’s most popular savings accounts and our extended guarantee gives savers peace of mind that they will reap the benefits of a great interest rate for another year,” Mr Franklin said.

He added that the lender was attempting to introduce more flexibility to its account by creating an online facility in addition to the existing telephone service.

“This means that savers can now check their balance, view recent transactions and transfer funds online,” Mr Franklin said.