03/11/09 - More choice for savers with CFS
Following the merger of Britannia and The Co-operative Financial Services, the new organisation has made good its promise to deliver a wider range of saving products for customers to choose from.
From 2 November savers can open a choice of two Britannia fixed-rate ISAs in any branch of The Co-operative Bank. The ISAs are the first Britannia products to be made available to Co-operative customers through Bank branches. The Bank did not previously offer a fixed-rate product.
The launch means savers have even more choice when considering the best option for their money, with not only a wider choice of products, but also a network of more than 300 branches to choose from.
The Co-operative Bank now offers a one-year fixed rate ISA with a rate of 2.60%, and a two-year fixed rate ISA paying 3.00%, both with a minimum balance of £3,600.
John Hughes, Business Leader - Retail Products, said: "It's great that so soon after the merger our savers are already able to see the benefits with these two new products. One of the promises we made to our customers was to offer a wider range of enriched products, and this is the first of step of the journey.”
"What's more, customers aged over 50 can now also take advantage of the new ISA allowances; so anyone who hasn't already invested in an ISA during this tax year can invest up to £5100 in one of our fixed-rate accounts."
Existing Britannia ISA customers have already been taking advantage of the increased tax-free limits - more than 48,000 savers have topped up their accounts since 6 October when the new allowances were introduced. Britannia is also allowing existing customers with fixed-rate ISAs to top up their accounts while receiving the same fixed rate.
The merger of Britannia and The Co-operative Bank promised customers an enhanced range of products through a diverse range of channels. The merger combined Britannia's extensive high street presence and savings and mortgage product strength, with the personal and corporate banking, insurance and fund management expertise of CFS.
For further information please contact
The Co-operative Financial Services Press Office
Tel: 01538 393077
Notes to Editors
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 4,500 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business will be characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport. There are also 1,000 face-to-face financial advisers throughout the UK.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is ran.