Rock softens postal rates

NORTHERN Rock Building Society's instant access postal account, Go Direct, is cutting rates from 2 September, from 10.95 per cent to 10.75 per cent gross on a minimum investment of pounds 20,000. Investors who got into the now closed Postal account still get the same high rates - a top payout of 11 per cent.

So the best buy now is the Balmoral High Interest postal account from Bristol & West. But the rates on this account come down on 1 September to 10.55 per cent on the top tier of pounds 25,000 plus and from 10.45 per cent to 10.3 per cent on pounds 2,000 to pounds 25,000.

Stroud and Swindon Building Society's Tessa dropped its rate from 11.6 to 11 per cent, on a minimum pounds 100, so the best buy becomes Exeter Bank at 11.46 per cent.