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Principality launches 4% e-bond for over-50s

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by David Masters
Principality launches 4% e-bond for over-50s

Principality Building Society has launched a new two-year bond aimed at silver savers.

The e-bond is available online to savers aged over-50, and pays interest at a fixed rate of 4% AER.

Savers can deposit between £5,000 and £100,000 into the account.

Interest is calculated daily, and customers can opt to have their interest paid monthly or yearly.

No withdrawals are permitted before the bond matures.

Principality warned that with the government’s Equality Bill set to become law, this could be one of the last special accounts available exclusively to the over-50s.

James Wright, Principality’s marketing director, said: “Many older people rely on their savings for a significant portion of their income, so the record low interest rates have hit the over-50s hardest.”

He added that the e-bond is designed to “give older savers confidence again” with a guaranteed rate of interest and the flexibility to have interest paid on a monthly basis.

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News posted: May 15, 2009

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