No new investors will be accepted into the London Deposit Account, but existing savers can add to their accounts.
The new account, Instant 7, has a minimum investment of pounds 5,000 and minimum transaction of pounds 250. Investors can use branches to open an account and make deposits, but withdrawals must be by post. When funds are withdrawn they will lose seven days' interest.
The bottom tier up to pounds 10,000 earns 6.25 per cent, the same as the flat-rate London Share Account. Sums up to pounds 25,000 earn 6.6 per cent and the top tier pays 7.1 per cent. This compares with a top rate on sums over pounds 25,000 in the Cheltenham Gold account of 4.3 per cent.
Savers who open the new account will become members of the society. The London Deposit Account excluded savers from society membership.Reuse content