Cheshire and Derbyshire launch new fixed rate bonds

The Cheshire and Derbyshire Building Societies have launched several new bonds, offering savers incentives of up to 4.50% Gross/AER (3.60 % net).

The one, two and three year fixed rate bonds are paying up to 3.75%, 4.15% and 4.50% Gross/AER (3.00%, 3.32% and 3.60% net) respectively. All three products can be opened via the Cheshire and Derbyshire's branch network, over the phone or through the websites. Savers with the Cheshire can invest between £1,000 and £2 million, while Derbyshire customers can start saving from just £100 up to £1 million.

Interest on the one year bond is paid monthly or on maturity, while the two and three year bonds have the benefit of annual or monthly interest. In all instances the interest can be paid directly into a nominated account.

"This is a great opportunity for savers to invest at very competitive rates of interest", said Alistair Welham, head of products and marketing at the Cheshire and Derbyshire. "All three bonds benefit from the financial security of Nationwide, the UK's largest building Society."

Rates are correct as at 7th July 2009, are subject to availability and may be withdrawn, or subject to change without notice.

For further information simply call into any Cheshire or Derbyshire Building Society branch, visit the websites at thecheshire.co.uk / 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.