Barclays Offers Savers 10% Rate
New savings account from Barclays features a 10% interest rate
15th February 2006
Barclays Bank has announced the launch of a new savings account offering a 10% interest rate, one of the highest rates seen in recent years.
The account is not without its 'gotchas' though, as it is only available to people who also have a Barclays current account and deposit at least £1000 a month into it.
Also, the deposits are fixed to between £25-£250 a month over a maximum of one year, so although the interest rate figure is impressively high, the actual amount of interest you can receive is perhaps not as high as it looks at first glance.
Martin Lewis of Moneysavingexpert.com estimated that a maximum of £150 before tax can be earned if the maximum amounts possible are invested - which may or may not be a sufficient incentive to move your current account to the bank.
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