According to the Britiania website the rate is 7.5%, and it runs for 12 months from 3rd of Nov 06 - Please take note of the conditions that if yuo miss a payment you will get just 1.5% !
* Saving a set amount each month makes a lot of sense, but it also takes discipline, that's why we reward you with a rate of 7.5% gross* fixed for 1 year if you pay 12 equal monthly instalments.
* All we need from you is an agreed monthly investment between £25 and £250, you can watch your savings steadily grow.
* Enjoy a high flying interest rate without needing to move your current account.
* Interest will be paid by adding it to your account on the anniversary of the account opening.
* No withdrawals are permitted during the fixed term.
How the account works
If you pay in more than your first monthly payment in any month, we will transfer the excess into a Flexible Savings instant access account paying a lower rate of interest.
If you miss a monthly payment, your investment will not mature at the end of the 1 year fixed term, but will instead mature on 2nd November 2007. Also, instead of receiving 7.5% Gross*/AER* on your account for 1 year you will receive interest at a fixed rate of 1.5% Gross*/AER* on your savings, from and including the date of the missed payment until 2nd November 2007. This lower rate will apply to the balance in your account from the date of the missed payment, and all payments made following the missed payment, until the account matures on 2nd November 2007.
When your funds mature they will move into a holding account where you will have access to your money and earn a variable rate of interest for 30 days. During this time you can decide what you wish to do with your matured funds. If after 30 days you choose not to take any action your funds will be transferred into a Member’s 1 Year Bond. Further details will be sent to you prior to maturity.
For an example of how much interest you can expect to earn at the end of the 1 year term, if you choose to save £250 per month during the 1 year fixed term, at the end of the fixed term you will get back £3,000 plus a gross* amount of £122.26 in interest. This example assumes that all payments, including the first one are received into your account on the same date every month.