Ipswich BS launch another excellent account

PosterBoy77

Just to let everyone know, Ipswich BS have recently launched another excellent regular saver intended for those who are saving to buy a home. I'm sure many people could fall into that category.

It is a regular saver that is guaranteed to track 1% above the BOE base rate for 3 years. It is currently paying 6.5%

You must open the account with at least £250 but then it becomes very good, as you can save as much or as little as you like up to a ceiling of £25,000.

More info. can be found here:

http://www.ibs.co.uk/savings_regular.php?sub_area=regular

I called them earlier and they confirmed that any interest earned is in addition to the £25,000 limit. The one condition of opening the account is that one of their mortgage advisers will call you to discuss future options and determine that you are genuinely saving to buy a home.

[Deleted User]

One thing that you haven't mentioned is that if you do not take out a mortgage with the Ipswich BS when you close the account you will lose 120days interest. Although I am sure in some circumstances that the overall gain in interest over other accounts will be more than the 120days interest, but I don't know what it is. Sure someone will calculate it though!

PosterBoy77

You are quite right. However, if you leave your money in it for three years and then decide that you are still not ready to buy or want to save elsewhere, you can move your funds without penalty.

[Deleted User]

That'll teach me not to fully read all the information! I didn't read the linked terms. If you can put up with their mortgage advisor calling and can tie money up for three years then it sounds like a good deal.