Principality increases business savings rate
Principality Building Society has announced the increase of its 12 month Business Savings Fixed Rate Bond by 0.25%, becoming one of the top three 12 month fixed rate bond rates available to businesses in the UK.
From Monday, 18th October, the bond will pay 2.55% (gross*/AER**) for investments of between £10,000 and £5 million.
Nicola Crocker, Business Savings Manager at Principality, said: "The increase of a quarter per cent from its previous rate of 2.30% (gross*/AER**) highlights our commitment to offering highly competitive rates to our business customers at a time when businesses are retaining more cash due to economic pressures.
"Businesses are looking for safe havens in which to place these funds, whilst also seeking good returns on money invested. Our new 12 month rate, I believe, addresses this predicament."
The product is available to sole traders, partnerships, LLPs, limited companies, registered charities and trusts, subject to acceptance criteria. Interest is calculated on the daily balance and paid on maturity.
To find out more about the range of Business Savings Accounts, visit principality.co.uk/businesssavings.