Portman's new guaranteed rate account

Portman has announced it is to introduce a new savings account with a rate of 5.1 per cent.

08:03 17 June 2004

Portman has announced it is to introduce a new savings account with a rate of 5.1 per cent.

The building society has set this rate on all investments above the minimum of 2,500.

The Portman Guaranteed Extra account is available from this Saturday, June 19th.

The rate is variable, but the account is guaranteed to pay no less than the Bank of England Base Rate until April 30th 2006.

Portman's press officer, Lynsey Hallam, says: "After spending much of last year languishing in a low interest rate environment, things are now hotting up for savers with many hunting out a new home for their funds."

She adds: "Portman's Guaranteed Extra account offers a great interest rate with the added guarantee that the interest rate will remain competitive and no less than the Bank of England Base Rate until April 2006."

However, she concludes by saying: "But just like the recent mini heat wave, it won't be available for long so savers should enquire today."

At the end of the account, on May 1st 2006 it will be automatically transferred to the Portman Instant Access Account, current at that time.

The maximum investment on this account is 100,000 and withdrawal can be made but only if 80 days' notice is given. If not, the account holder will lose 80 days' worth of interest.