Bad news for borrowers is good news for savers at Britannia

Britannia, taking the lead from last week's Bank of England interest rate rise, has announced increases for savers.

17:29 14 May 2004

Britannia, taking the lead from last week's Bank of England interest rate rise, has announced increases for savers.

As of June 1st customers will be able to enjoy rate rises of an average 0.25 per cent.

In other areas, some cash ISA savers will be rewarded with a rise of up to 0.35 per cent, due to the new style tiers on the account.

Additionally, those with mini cash ISA schemes will see subsequent rises. Investors with 9,000 in their ISA account will earn an interest rate of 4.25 per cent gross/net, while investments of more than 3,000 will earn 4.20 per cent, and accounts of between 1 and 3,000 will receive 4.00 per cent.

In addition, a number of accounts have been merged to give savers easier access to the Society. The Capital Trust and Flexible Savings accounts will merge, while the notice accounts Capital Trust 30 and Premium Saver will merge.

Tim Franklin, managing director of the member business said: "One of Britannia's key aims is to be easy to do business with and, of course, make it easy for people to save.

"That means making both our extensive branch network and postal service available to many more members."