Cheshire Building Society launches new account

Cheshire Building Society has unveiled a new 30 Day Postal Saver Account offering a bonus rate of three per cent gross/AER.

The account offers a variable conditional bonus on a minimum deposit of £1,000 for the first 12 months, providing a minimum balance of £1,000 is maintained and no more than four withdrawals are made during the first year.

Where these conditions are not met, a fixed rate of 0.1 per cent gross/AER is payable for the lifetime of the account.

After the first year the account reverts to a standard rate of two per cent gross/AER on balances over £1,000 and unlimited withdrawals can be made.

Alistair Whelham, head of products and marketing at the Cheshire, said the account will appeal to "anyone with a lump sum to invest for the longer term, but who doesn't want to tie their money up for a set period, giving the combination of flexibility and a good return from a name you can trust".

Last month, Linda McBain, head of banking at Investec, claimed that too many consumers are failing to check the best rates of interest on savings.

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2009-11-03 15:30:27 © Moneyextra.com