Manchester Premier Guarantee 5.51%

After a post from 'flyer' I was made aware of the Manchester Building Society Premier Guarante account.

http://www.themanchester.co.uk/mbsnew/savings/content/premier_guarantee.asp

Paying 5.51%

The interest rate is variable and will be altered at the Society's discretion.
The interest rate is guaranteed to be no less that 5.00% Gross / AER until 30th June 2009. In addition, the interest rate is guaranteed to be no less than 1.50% above Bank Base Rate until 30th June 2010.
Interest is calculated daily and paid annually on 31st December.

So, as per a post in the main Top Instant Access Savings Discussion Area thread, my plan was to...

(1) Deposit an amount (say £10,000).
(2) Sit it out until 30/6/09 when the guarantee expires (and will probably drop to a couple of %)
(3) Withdraw all but £1 (so in my case £9,999) on 1/7/09
(4) Along comes 31/12/09 when the interest is payable - sit back and enjoy 6 months of good interest rate.

I have applied. Anybody else out there who might be interested or who has any comments positive or negative about my plan or the account in general?

Once again thanks to 'flyer' for making me aware of this.

All posts appreciated.