HALIFAX has launched a new passbook-based savings account - Halifax Extra Income Saver - targeted at savers with larger balances who require regular interest on their money to supplement other forms of income. The scheme offers attractive rates of interest from launch, ranging from 4.10 per cent to 4.40 per cent in return for restricted access to the lump sum held.

While the income saver can be opened by all savers, it is expected to appeal particularly to the over-50s, who, according to research by NOP's Financial Research Survey (FRS) account for about 44 per cent of all savings in the UK. Among the key features of Halifax Extra Income Saver are:

* Minimum opening balance of £10,000

* Interest rates (gross) £100,000+ = 4.40 per cent; £50,000+ = 4.35 per cent; £25,000+ = 4.25 per cent; £10,000+ = 4.10 per cent.

* A rate guarantee that balances of £10,000 or more will be no less than 1.00 per cent below the bank base rate until December 31, 2002.

* Available to both new and existing savers.

* Interest paid monthly, on a date of the customer's choosing.