Alliance & Leicester (A&L) has launched a new bond for businesses with a turnover of up to £1 million.
The 12 month fixed rate Business Bond is a 12 month product maturing on 1.7.10, paying 3.20% on a minimum investment of £50K.
The terms of the bond mean no early access or additions are permitted, while the funds have to be new to A&L, which may diminish its appeal slightly.
However, charities with £50K to invest should be pleased to see the launch of this 12 month bond in the fixed rate landscape. At 3.20%, it sits just below the top products in the field and should prove popular.
Clients will have to be sure they can commit funds from the outset but the short term nature of the bond somewhat negates this problem.
The 12 month fixed rate Business Bond has been awarded four out of five Moneyfacts stars.
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