Good news for savers as bank offers ‘excellent’ interest rate on savings account

Savers can now get 5.25 percent on the Bank of London and the Middle East’s(BLME) 90 Day Notice Account (Issue 5).

As the cost-of-living crisis continues, many people will be looking for accounts that can help their money go further.

As the Bank of England base rate sits at five percent, many banks and building societies have passed this along to their savings accounts.

Britons are urged to look around and find the best deal for them offering the highest interest rate.

Savers can get a gross quarterly rate of 5.25 percent, or 5.35 percent AER.

The minimum opening balance on the account is £10,000, however, savers must maintain a minimum account balance of £1,000.

The estimated balance after one year based on a £10,000.00 deposit with 5.25 percent interest would be £10,525.00.

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Bank of London and the Middle East (BLME) has increased the rate on its 90 Day Notice Account this week, which improves its position in the market.

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“Savers searching for a competitive rate, but also happy to give notice to access their cash, may find the profit rate of 5.25 percent appealing, but they must have £10,000 to invest upfront.

“The deal earns an Excellent Moneyfacts product rating.”

As long as people give the required 90 days for notice, they can make unlimited withdrawals, which must be a minimum of £1,000 on each occasion.

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People can add funds from their nominated UK bank account as often as they want.

All applications must be made online.

It should be noted the Expected Profit Rate is variable and the bank can increase or decrease the interest rate.

BLME will always provide savers with 60 days’ notice of any change.

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