Society Launches 1 & 2 Year Fixed Rate Bonds

28 April 2017

Bonds

The Society is pleased to announce the launch of One and Two Year Fixed Rate Bonds which are available to new and existing members.

The accounts can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR & BS. Existing Society customers may open the accounts.

The One Year Fixed Rate Bond – Issue 31 offers an attractive rate of interest which is fixed for one year. It provides an ideal way to invest money that you wish to see grow which you do not require access to for a year.

Key Product Information:

  • The Interest Rate is fixed at 1.15% AER/Gross per annum
  • The minimum amount required to open an account is £1,000
  • The maximum account balance is £500,000.
  • No partial withdrawals or closure of the account is allowed until after the maturity date.
  • Interest is calculated on a daily basis on the balance in the account and is fixed for 1 Year.
The Society’s Two Year Fixed Rate Bond – Issue 10 offers a fixed rate of interest for two years.

Key Product Information:
  • The Interest Rate is – 1.30% AER/Gross per annum
  • The minimum investment is £2,500
  • The maximum account balance is £500,000.
  • No withdrawals or closure of the account is allowed until after the maturity date.
  • Interest is calculated on a daily basis on the balance in the account and is fixed for 2 Years.
The bonds are a limited issue and may be withdrawn at any time. Further information about the accounts including full terms and conditions can be found here.

James Bawa, Chief Executive, commented: “We’re excited to launch these fixed rate bonds for those who might be looking for a competitive savings account with an attractive interest rate. We’ve recognised for some time that our loyal savers are faced with ever-decreasing interest rates, and it’s particularly pleasing to acknowledge their ongoing support, whilst also welcoming new customers to the Society, with the offering of competitive products designed with them in mind.”

Notes

‘AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.

The 'Gross' rate is the contractual rate of interest payable before the deduction of tax.

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