N&P introduces new current account rate

Those looking to review their finances and compare current account rates in the new year could benefit from a new tier from Norwich and Peterborough Building Society (N&P).

The Gold Current Account now has a fourth interest rate tier, which has the potential to give account holders 45 times more interest on their money than with other banks.

By depositing £1,500 or more into the account and viewing statements via the internet, customers can receive a gross interest rate of 4.5 per cent on balances up to £5,000 – 45 times the amount offered by high-street banks, according to N&P.

“We wanted to give an even better rate to customers who credit more to their accounts each month,” said Andrew Clare, head of banking at N&P.

“It’s very simple – the higher the amount credited to the account each month, the higher the interest rate we pay to the customer,” he added.

In related news, UK payments group Apacs recently discovered that the number of those accessing their bank details online has almost doubled in the past four years.

© Adfero Ltd

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