Do you want to save but are worried about paying penalties if you need to get hold of your money in a hurry? Well, the new 1 Year Premium Access Bond, which thebestof Lutterworth recommended business the Hinckley & Rugby Building Society have just launched, might be the account for you.
“Savers like the long-term nature of a bond but sometimes can be faced with an emergency,” Hinckley & Rugby chief executive Chris White told us.
“Often they will be heavily penalised for an early withdrawal, but our new 1 Year Premium Access Bond is different. It’s a new kind of bond which allows one withdrawal without penalty if the unexpected happens.”
And that’s not the only novel feature of the bond; unlike other bonds the 1 Year Premium Access Bond allows the saver to pay more money in after making the initial investment.
“We think that’s a double incentive to choose this new kind of bond,” says Chris.
Hinckley & Rugby’s new bond has a minimum investment of £5,000 and a maximum of £300,000. The bond pays 2.25 per cent gross/AER interest for the first 12 months, after which it converts to Premium Saver Easy Access Account that allows one penalty-free withdrawal per month. A monthly income version of the bond is also available.
The new bond is the latest addition to the family of savings products from Hinckley & Rugby, which includes fixed rates, easy access accounts, ISAs and tailored accounts for children and people aged 50 and over. To find out more about Hinckley & Rugby click here to check out their thebestoflutterworth feature
