Co-op offers debtors greater savings choices

Debtors in the UK have been offered a greater range of saving products, following the merger between The Co-operative Financial Services and Britannia, including the launch of two fixed-rate ISAs.

Prior to the collaboration with Britannia, Co-operative customers were not provided with any fixed-rate services.

Business leader of retail products John Hughes remarked that “this is the first step of the journey” in the process of offering a wider choice of enriched products.

He added that those aged over 50 are also able to take advantage of the new ISA allowances and that people who have not yet done so, “can invest up to £5,100” in the fixed-rate accounts.

From the beginning of November, the bank introduced a one-year fixed-rate ISA at a rate of 2.6 per cent, as well as one fixed over two years at three per cent.

In other news, Halifax and Bank of Scotland are to increase their overdraft charges for some customers on December 6th, an indication to those holding accounts with these institutions that switching may be beneficial.

By Sarah Adie