The Principality Building Society has launched a new fixed-rate savings bond paying a market-beating interest rate.
With a minimum investment of £500, the 2-year fixed-rate deal pays 4% and currently tops our Best Rate table for 2-year fixed savings products.
The launch of the new deal comes at a time when there is considerable competition in the fixed-rate savings market in anticipation of a rise in the base rate. Our Best Rate tables have all the latest rates.
An attractive savings deal
Paul Davies, savings analyst at Which?, said of the new launch: ‘This new deal from the Principality Building Society pays an appealing rate for those prepared to lock up their money for two years.
‘There is always the chance that a rise in the base rate will mean that higher-paying variable products will come onto the market, but receiving 4% over two years seems like a decent deal.
‘This product also has some flexibility in that you can access your money subject to losing 180 days’ worth of interest – not ideal but acceptable if you need to get your hands on the money in a rush.’
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