Customers of Principality Building Society are being rewarded by an exclusive savings bond offer.

The biggest building society in Wales has launched the Members' Bond for people who have held a savings account, current account or mortgage with the society for three years or more.

A savings interest rate of 5.1 per cent annual equivalent rate (AER) is on offer for customers investing a minimum of a pound in the savings bond.

Individual investors can save up to £5,000 in the savings bond, whilst the maximum for joint investors is £10,000.

Savings interest is calculated on a daily basis. The earned interest is added to the savings bond once a year, or it can be transferred to another account.

Once money is invested in the savings bond, investors are not allowed to withdraw it before the fixed term period ends.

The building society's managing director, Tracy Morshead, said the savings bond was designed to reward Principality's customers for their support and loyalty.