Derbyshire launches new 1-year fixed rate bond

Derbyshire Building Society has launched a new "1-year" fixed rate bond paying annual interest of 6.90% Gross/AER (5.52% net).

Fixed until maturity on 31 October 2008, investors can open a bond with just £1, up to a maximum investment of £1m. Further payments can be made up to the maximum balance, providing the bond is still open for new investments. No withdrawals are allowed during the fixed rate term.

Annual interest will be paid only on maturity on 31 October 2008. Investors can instead opt for monthly interest of 6.69% Gross (5.35% net/6.90% AER), which can be paid away immediately after the 15th of each month into a nominated account.

For more information, visit thederbyshire.co.uk.