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Yorkshire Bank launches Advantage Term Deposit

2nd February 2010 Print

Yorkshire Bank has launched a new, market-leading 1 year fixed rate bond for investors, Advantage Term Deposit.

The new bond will offer a fixed rate of 4.50% Gross for a year, when taken out with an AXA investment product, together known as the "Advantage Combination Plan".

The Advantage Combination Plan allows investors to split their investment, with at least 50% in an AXA investment product, such as an ISA, OEIC, Unit Trust or Investment Bond, and up to 50% in the Advantage Term Deposit (1 year fixed rate bond) with the Bank.   The minimum investment in the fixed rate bond is £2,000 and the maximum is £5,000,000.

The new product is available through AXA Financial planners at Clydesdale Bank branches, who will advise customers on the suitability of products.

Product Features - Advantage Combination Plan

Open to investors over 18 years of age.

Investment split between AXA investment product and Advantage Term Deposit.

Minimum Investment £2,000 in each element (£5,000 if investment vehicle is AXA Investment Bond).

4.50% Gross paid on balance held in Advantage Term Deposit. Interest is capitalised on maturity.

No withdrawals can be made from the Advantage Term Deposit. Any withdrawal results in closure and an early repayment charge would apply - minimum charge £30.

At maturity, the Advantage Term Deposit will roll into another 12 month term deposit (fixed rate bind) at the rate on offer at that time, unless the customer requests otherwise.

Steve Fletcher, Head of Retail for Yorkshire Bank, said: "The Advantage Combination Plan is definitely a pound-for-pound champion.  By combining an investment product from AXA with the market leading rate and security of fixed rate bond from Yorkshire, savers can make sure their money is punching its weight in the fight for the best returns, without taking too many risks."

Simon Philip, Director of AXA Bancassurance said: "This product partnership enables AXA and Yorkshire Bank to give savers the best of both worlds.  We believe the new Advantage Combination Plan will help us deliver the very best investment solutions for customers."