Britannia launches “no strings” savings account

Financial service provider Britannia has announced that it is launching a new savings account which it says has a "massive" interest rate and no strings attached.

The one-year fixed-rate regular saver account pays a rate of 7.5 per cent for 12 months with a minimum investment of £25 a month.

A maximum monthly input of £250 is allowed and these amounts cannot be amended or altered, Britannia said. The account’s opening deposit must be by cheque or cash and subsequent monthly payments by direct debit.

Interest will be paid annually on the anniversary of the opening of the product. During the 12-month offer period, no withdrawals will be permitted.

Nick Pagon, savings marketing manager at Britannia, said: "This is a great product with an extremely competitive rate and no strings attached. We already have fixed-rate and regular savings products but not one which combines both.

"At Britannia we are encouraging people to value the importance of savings accounts and this product gives savers peace of mind that they will reap the benefits of a great interest rate."