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Skipton steps up savings bonds

11 July 2006
Skipton Building Society has announced a new Two Year Step-Up Bond, offering interest rates of up to 5.7 per cent gross per annum.

The new bond, with a minimum investment of just £500, includes immediate access to up to 20 per cent of your initial investment without penalty in addition to the competitive rates.

Starting at 5.1 per cent gross until the end of February 2007, the rates then rise in increments of 0.2 per cent every six months, topping off at a gross rate of 5.7 per cent between 1 March and 31 August 2008, when the bond will mature.

"The fact the UK's base rate has remained static since August 2005 makes it harder to predict where interest rates could be heading," said John Goodfellow, Skipton's chief executive.

"However, canny savers can guarantee an increase in the return on their investment with our new Two Year Step-Up Bond, guaranteed to rise 0.6 per cent over the next two years.

"With an average interest rate of 5.36 per cent, this product is currently one of the most competitive available on the high street so I would urge interested customers to call into their local branch as soon as possible," Mr Goodfellow concluded.

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