Scarborough Building Society has created a new savings bond, with a guaranteed level of interest.
The two-year fixed-rate guaranteed savings option offers a rate of 5.65 per cent, which the society claims provides "long-term good value" to customers.
Those wishing to take advantage of the new savings option will need a minimum balance of £1,000, although a maximum of £500,000 is possible for those with deeper pockets.
Additionally, customers who need an income from their savings can also take advantage of a monthly interest feature, although this reduces the rate of interest paid.
Tony Burdin, head of group marketing at Scarborough Building Society, said: "We're constantly reviewing our savings accounts to ensure we offer our members some of the most competitive deals available at any given time."
He added that the bond offers a competitive deal, while giving consumers the peace of mind that future interest rate decisions will not affect their savings.
Lisa Taylor, an analyst at Moneyfacts, recently pointed out that 75 per cent of savings providers were yet to boost the interest rates available following the Bank of England's decision to raise the base rate.
New savings option from Scarborough
New savings option from Scarborough
Mon, 20 Nov 2006
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