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Yorkshire sets 5 Per Cent interest rate on savings account
Fri, 02 Jun 2006
Yorkshire Building Society has set the interest rate at five per cent on its June Rollover Bond.

The company has also made a monthly interest option available to customers, which it believes will benefit investors who rely on their savings for income.

Rollover bond is a one-year fixed rate savings bond in which the interest is set on the first of each month; Yorkshire guarantees that its rollover bond will be offered to any saver who opens a bond in that month.

The savings bonds are available to new and existing customers wishing to invest, requiring a minimum deposit of £100, which the society believes makes them accessible to any level of saver.

When the one-year term is over savers can choose to have instant access to the money or to allow it to rollover into the next year's bond. Chris Edwards, head of mortgages and savings at the society, commented: "We launched Rollover Bond five years ago and it has always been popular with our members.

"The rate is set at the beginning of every month and is always competitive. As funding rates have started to rise we have been able to pass this increase onto our savers which sees the June rollover rate set at 5 per cent gross."

Defaqto recently predicted that consumer interest in investments bonds will grow for the "forseeable future".

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