Principality scoops ‘Best Business Fixed Account Provider 2011’

Wales' largest building society, Principality, has been awarded ‘Best Business Fixed Account Provider 2011' after just over one year since the launch of its Business Savings arm in January 2010.

Held at the London Marriott Hotel Grosvenor Square, the 2011 Business Moneyfacts Awards recognised business and commercial finance providers, brokers and trade bodies with the best products, service and innovation over the last year.

Beating off strong competition from a host of High Street Banks, the Welsh building society scooped the award for its range of Fixed Rate Bonds available to businesses, registered charities and trusts.

The news coincides with the Society's business initiative surpassing a key milestone with the achievement of £75 million of business savings deposits since the launch.

Nicola Crocker, Head of Business Savings, said: "We are delighted to have been recognised in the Business Savings space so soon after our launch. The commercial sector continues to face a steep challenge in trying to manage their liquidity effectively in this environment, in order to ensure that they are able to capitalise on opportunities when they present themselves - particularly as 2011 has been speculated to be  the ‘year for growth'.

"We recognised early last year that although the business savings account market is much more limited than the consumer savings market, it too has fallen victim to the low interest rate environment - presenting a real hurdle for businesses and in particular, charities. We immediately looked to fill this gap and have recently extended our range of fixed rate bonds in order to offer businesses more choice."

Principality's range of business accounts includes a 6 month, 1, 2 and 3 year fixed rate bonds, as well as a 30 Day Notice Account for businesses or charities looking for more flexibility.