New Savings Account promises bonus for a lifetime

Principality Building Society has launched a variable rate high street savings account that promises savers a bonus, year after year.

The Promise Saver account pays a competitive variable interest rate of 2.30% AER, inclusive of a 0.80% unconditional bonus for the first year. Savers can make unlimited withdrawals for the first 12 months.

After 12 months, savers that make no more than two withdrawals per year will be rewarded with a fixed bonus of 0.50%, payable on the core variable rate of 1.50% AER.

The account requires a minimum balance of £500 and 30 days' notice for withdrawals and closure.

Kate Murray, Savings Manager at Principality Building Society, said: "Savers will be looking to the bigger picture as they find their feet in the current climate. This account bridges the accessibility gap between long term fixed rates and instant access accounts, offering savers increased flexibility for the first 12 months as they become more dedicated savers.

"The added promise to pay a bonus year after year offers committed savers peace of mind. With today's hectic lifestyles it can be difficult to stay on top of introductory bonuses and this can leave savers with much lower paying accounts after the bonus period ends."

"We have been successfully fulfilling our promise to look after the needs of savers for 150 years and we have no intention of compromising on this heritage. The changed financial landscape has created a new set of demands and we recognise the need for innovative products that meet these new consumer needs."

To apply for Principality's new Promise Saver account, visit principality.co.uk/promisesaver.