Principality Building Society launches unique nine month bond

With the after shock of the worlds credit crunch rippling through the UK, Principality, Wales' largest building society, has launched a unique nine month bond designed for those savers worried about investing more than £35,000 with one single institution.
The latest bond boasts a variable rate of 6.04% AER, guaranteed to be at least 1.00% above the Bank of England base rate for the nine month term. But, unlike the restrictions and penalties placed on the majority of savings bonds, this unique product allows savers unlimited withdrawals on balances over £35,000.

With a minimum balance of £1,000 and a maximum balance of £100,000, the additional feature offers savers peace of mind in a climate of market uncertainty.

James Wright, Marketing Director at Principality Building Society, said: "Bonds have become an increasingly popular product to guarantee a good return on your savings but only if you are unlikely to want to retrieve the money within the term of the bond.

"In the current climate many savers are concerned about the safety of their deposits with some institutions and are spreading their money more widely. Our nine month bond offers savers the security of knowing that their money is working hard for them in a cash-based account whilst offering a safety net that allows them to easily access savings balances above £35,000.

"We have listened to our members feedback and understand that consumers need a safe haven for their money with easy access to their capital should they need it. Savers should be wise to the penalties and restrictions placed on many accounts and need to be sure that they look for an account that suits their circumstances."

Savers are protected by the Financial Services Compensation Fund, which offers protection on the first £35,000 of any deposit investment. This figure increases to £70,000 for joint account holders.

To find out more, or to apply for this unique 9 month bond visit prinicpality.co.uk/9month