The Cheshire launches new 30 Day Postal Saver Account

Cheshire Building Society has launched a new 30 day notice account that offers savers a great rate of 2.60% gross p.a./AER (variable), including a 1% gross p.a. bonus for 12 months, if they keep a balance of at least £1,000. Savers can open the account with a minimum investment of £1,000, and there's no limit on additional deposits up to the maximum balance of £2 million. Customers can make up to four withdrawals a year without loss of interest, providing 30 days notice is given.

The 30 Day Postal Saver Account is designed to give savers a great rate of return on their money whilst offering them the flexibility to increase their savings and access their cash if they need to, without tying them into an extended period of time.

Because there is no limit to the number of additional deposits savers can make, so long as the total balance does not exceed the £2 million maximum, the 30 Day Postal Saver is suitable for regular savers, particularly if they set up a standing order.

Darren Bailey, Head of Product Management for Cheshire Building Society, said: "In uncertain economic times people want a safe home for their savings that pays them a good rate of return and actually encourages them to save. But they also want the peace of mind of knowing they can access their money when they need it.

"Cheshire Building Society's 30 Day Postal Saver Account gives people a great rate of 2.60% gross p.a./AER (variable) whilst also giving them the freedom to save more when they can and make up to four withdrawals a year without loss of interest if they give 30 days notice."

The 30 Day Postal Saver Account pays a variable rate of 2.60% gross p.a./AER, which includes a 1% gross p.a. bonus which is payable on the first anniversary of the account opening, providing the account is not closed early, the balance does not fall below the minimum of £1,000 at any time, and no more than four 30 day notice withdrawals are made each year.

The account must be opened with a cheque by post, but additional deposits can be made by cheque and other payment methods including BACS and standing orders. Withdrawals are by cheque following 30 days notice and savers must make a minimum withdrawal of £250, with a total of four withdrawals allowed each year without loss of interest.

Interest is paid annually and savers can choose to have their interest paid back into the 30 Day Postal Saver Account, to another Cheshire account or into any other UK building society or bank account. After the first anniversary of opening, the 30 Day Postal Saver Account will pay a variable rate of 1.60% gross p.a./AER (with no bonus paid). Restrictions on the number of withdrawals and minimum balance will still apply.

If savers make more than four withdrawals in a year, or their balance falls below the £1,000 minimum at any time, the 30 Day Postal Saver Account will convert to a fixed interest rate of 0.10% gross p.a./AER, which will remain in place for the lifetime of the account, and they will not receive the bonus.

For more information, visit thecheshire.co.uk.