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Over 50? You Cannot Beat This Fixed Rate Savings Bond Paying 5.55% For 3 Years
May 2006
For older savers the Dunfermline Building Society has just introduced a really big paying fixed savings bond, details are -
- Must be over 50 years old to apply
- Minimum deposit £1, max £1million
- 3 years, NO withdrawals can be made, not only with a redemption payment
- Rate is 5.55% gross, option of getting 5.15% if paid interest monthly
That is one hell of a deal and cannot be beaten at present. It’s 3 years though so part of your total savings should be allocated, how much depends on the level of your savings.
- If less than £10,000 we personally wouldn’t want to lock our money up for 3 years, preferring the flexibility of instant access accounts which at present the better ones pay 4.50% and above
- But if you have more than £10k in savings consider allocating 25%-50% into a bond like this
To find out more details on the bond go to the Dunfermline website
Other Good Fixed Rate Bonds
- Norwich & Peterborough Building Society
- 2 Year fixed bond
- 5.25% gross paid annually
- Minimum £1,000, max £100,000
- Website www.bpbs.co.uk
- Deal open to everyone and more details can be found on their website
- The Portman Building Society
- Available for over 50s only
- Called the 50 Plus Fixed Interest Bond
- Pays 5.25% gross
- However, it can only be opened in person at a branch - see website for more details
- West Bromwich Building Society
- Called the E-Bond
- Interest rate of 5.2% gross fixed for 1 year
- Minimum £1,000. max £500,000
- www.westbrom.co.uk
Summary
There’s plenty of great paying fixed savings bonds around at present so make sure you do some research into which one is the best for your financial circumstances. If in doubt about how much to invest always go for flexibility with financial products, in this case that would mean it's better to lock your money up for 1 year versus 3 years.
See Also
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