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Bank of Scotland

Type: Instant access saver account

Description: Bank of Scotland has introduced a 12-month instant access account at a premium rate.

Conditions: There is a minimum investment of £5000 paying 6 per cent annually and 5.84 per cent monthly. Investments of £100,000 receive 6.3 per cent annually and 6.13 per cent monthly. The rate is fixed for 12 months and will revert to the standard rate, currently at 5 per cent, or 4.89 per cent monthly.

For investment amounts of up to £1m, the annual interest is 5.1 per cent and 4.98 per cent monthly. Savers are permitted to make four withdrawals during the first 12 months, reverting to the standard terms if more withdrawals made. An optional cash card is available.

Contact: www.bankofscotland.co.uk

Verdict: The limit of four withdrawals in a year for a product that pays 6 per cent a year is a draw. And investors can earn more for larger sums. Overall, a good deal as savers do not like being “straight-jacketed” when it comes to their money.

Rating: 4/5