Cheshire and Derbyshire launch new fixed rate bonds

The Cheshire and Derbyshire Building Societies have launched market-leading one and two year fixed rate bonds, offering rates of up to 3.75% Gross/AER (3.00% net).

Interest for the one year bonds can be paid either on maturity 3.75% Gross/AER (3.00% net) or monthly 3.69% gross (3.75% AER/2.95% net). Interest for the two year bonds can be paid either annually 3.75% Gross/AER (3.00% net) or monthly 3.69% gross (3.75% AER/2.95% net). The interest can be paid into a nominated account.

The minimum investment for the Cheshire's one and two year fixed rate bonds is £5,000 and the maximum investment is £2,000,000. The minimum investment for the Derbyshire's one and two year fixed rate bonds is £5,000 and the maximum investment is £1,000,000.

The Maturity date for Derbyshire's one-year fixed rate bond is 28 February 2010. Maturity date for the two-year fixed rate bond is 28 February 2011.

Gary Wilkinson, Managing Director, Regional Brands, said: "We are delighted to be able to offer savers the chance to invest in these regional building society fixed rate bonds, which offer a very competitive rate of interest, with the added benefit of being backed by the financial security of Nationwide, the UK's biggest building society."

Rates are correct as at 13th February 2009, are subject to availability and may be withdrawn, or subject to change without notice.

For further information on The Cheshire, visit thecheshire.co.uk

For further information on The Derbyshire, visit thederbyshire.co.uk

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

The ‘Gross' rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

The ‘net' rate is the rate of interest which will be payable after allowing for the deduction of income tax at the specified rate.