Penrith Building Society has unveiled a new one-year variable rate bond, which has been awarded an 'excellent' rating for its eye-catching rate and terms.
The one-year Spring Bond has an attractive variable rate of 1.80% on maturity, with the guarantee that the rate will be at least 1.00% above the highest band of the building society's Instant Access account (currently 0.80% yearly).
This account can be opened and operated in branch and by post with an investment of at least £5,000 up to a maximum of £20,000. Savers should note that this account is only open to those with new money to the institution.
Further additions are welcomed while the issue remains open, but it is not possible to access funds prior to maturity. Savers must therefore be completely happy locking their money away for the full term.
This account boasts an attractive variable rate for eligible savers, who are likely to be pleased by the promise that it will always be at least 1.00% above the rate paid on the highest tier of the society's easy access account. The fact that further additions can be made is also a plus. However, savers with more to invest should note that this account will only allow a maximum deposit of £20,000.
Moneyfacts rating: Excellent
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