Cheshire launches 10% fixed rate Portfolio Reserve

Cheshire Building Society has launched a new issue of its Portfolio Reserve investment product with an attractive guaranteed fixed rate of up to 10% gross/AER for 12 months.

Portfolio Reserve combines the security of a fixed rate savings account from the Cheshire with the potential for long term investment growth from a Norwich Union Portfolio bond. Investors can place up to 30% of their total investment in the Cheshire's 10% gross/AER fixed rate reserve account. There is also the option of interest paid monthly at a rate of 9.57% gross (10% AER) for added flexibility.

The remaining funds, a minimum of 70%, must be invested in a Portfolio bond from Norwich Union, the UK's largest insurer, offering the potential for high growth over the long term. The value of investments can go down as well as up and you are not guaranteed to get back what you put in. Portfolio provides an extensive choice of equity, property and fixed interest securities with different levels of risk. Coupled with the ability to place up to 30% of customers' investment in a great fixed rate account from the Cheshire, it delivers a tailor made investment for the customer.

The minimum investment required has been kept as low as possible to provide even more appeal. The overall investment minimum is just £6,000 divided
between a minimum of £5,000 in Portfolio and £1,000 in the fixed rate account from the Cheshire. The overall maximum investment is £700,000.

Frank Harrington, Head of Partnerships at Cheshire Building Society, commented: "Portfolio Reserve is an investment package tailored to individual needs. The ability to combine a guaranteed 10% gross/AER return from the Cheshire with Portfolio's potential for high long term growth across a wide choice of funds with different levels of investment risk, allows investors to choose a comfortable overall balance between risk and reward."

The Cheshire's new fixed rate reserve account is available only in conjunction with a Portfolio bond from Norwich Union following an interview with a Cheshire Building Society Financial Consultant. Designated products and services offered will relate only to the Society and Norwich Union Marketing Group. No additional investments can be made once the Portfolio Reserve is open.