Cheshire BS unveils new postal account

The 30 Day Postal Saver Account offers a bonus rate of 3.00% gross p.a./AER including conditional bonus (variable) on a minimum deposit of £1,000 for the first 12 months providing a minimum balance of £1,000 is maintained and no more than four withdrawals are made during the first year. Should the bonus conditions not be met, a fixed rate of 0.10% gross p.a/AER is payable for the lifetime of the account.

After the first year the account reverts to a standard rate of 2.00% gross p.a/AER (variable) on balances over £1,000 and unlimited withdrawals can be made. Should the balance fall below £1,000, however, a fixed interest rate of 0.10% gross p.a/AER is payable for the lifetime of the account.

Savers can invest from £1,000 up to £2 million and there is no minimum deposit amount required each month. The minimum withdrawal is £250 by cheque, but if the balance drops below the £1,000 minimum, the rate will fall to the standard fixed 0.10% gross p.a/AER for the lifetime of the account. As with most notice accounts, withdrawals are subject to 30 days written notice or be subjected to 30 days loss of interest.

Alistair Whelham, Head of Products and Marketing at the Cheshire said: "The 30 Day Notice Account will appeal to anyone with a lump sum to invest for the longer term, but who doesn't want to tie their money up for a set period, giving the combination of flexibility and a good return from a name you can trust."

To apply, customers can download a form from the Cheshire's website, thecheshire.co.uk.