Savers in the East of England offered exclusive 3 year Bond
Ipswich Building Society has shown its loyalty to savers in the East of England by launching an exclusive and competitive three-year variable rate savings bond. Whilst Bank Base Rate has been at an all time low of 0.5% many borrowers have benefited from lower mortgage payments, many savers have struggled to supplement their income with interest from their savings, so this competitive product has been launched with the option to receive monthly interest.
The Heartland Bond has a variable rate of interest, which could increase if or when the Bank Base rate starts to increase, and if interest rates drop, this bond has an ‘Access Promise’. The straightforward savings account offers investors with an East of England post code a competitive variable starting interest rate, currently 3.55% Gross/AER for those choosing to receive their interest annually or 3.50% Gross/AER, currently, for savers preferring a monthly interest option.
For savers concerned of investing their money in a variable rate bond, the Society has pledged an ‘access promise’ which will allow savers to close their account penalty-free following 120 days’ notice, if the variable interest rate falls below the starting interest rate throughout the 3 year term.
Jo Leah, General Manager, Sales & Marketing said: “Ipswich Building Society has been at the heart of the local community for over 163 years and we are proud to operate in the East of England. We offer products for people throughout the country but it’s nice to be able to offer something special to those who live in the East of England. The feedback from our members is that at Ipswich Building Society they are treated with a personal touch, not just like a number, and our service sets us apart from the competition. We think this great product coupled with our outstanding services makes the East of England the place to be for savers”
The Heartlands Bond is only available to savers within Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire.
The minimum investment on the account is £1,000 (up to a max £250,000) and additional investments are only available until 30th September 2012 after which no further investments are allowed. No withdrawals are permitted. Account closure is subject to a 120 day interest penalty. If the interest rate falls below the starting rate of 11 June 2012 during the 3 year term, closure can be penalty free following 120 days notice.
For more information about Ipswich Building Society’s range of savings products, see www.ibs.co.uk