Kent Reliance Building Society (KRBS) was established in 1898 and has since grown to incorporate a number of other building societies, including Chatham Reliance building society, Dover District building society, Herne bay building society and Kent & Canterbury building society.
Kent Reliance fixed rate bonds feature:
- No minimum age
- Minimum of investment of £1,000
- Withdrawals and early closure allowed but would be subject to a 180 day loss of interest
- Accounts can be opened online, by post or in branch
- Interest can be paid annually or monthly
With fixed rate bonds you can work out exactly how much you will get paid back at the end of the term, however they do require you to lock away your money for a predefined period of time, therefore it may be wise to shop around thoroughly before hand to find the best one for you.
Alternative saving plans
- Tracker bonds – An alternate type of bond, instead of the interest rate you receive on the bond staying consistent throughout it can fluctuate up or down in relation to changes made to the Base Rate by the Bank of England which it is linked to. This means that over the bond’s course you could receive a better or worse interest rate depending on if the Bank of England decides to make any changes to its Base Rate.
- Structured Deposits – structured depossits may offer higher interest rates than savings bonds, however your return is not guaranteed. Although your initial investment is guaranteed to be returned you may not receive any interest payments, this is because a structured deposit is tied to an index or indices such as the FTSE100. Certain criteria are set out in the deposit about what must happen to the index in order for you receive an interest payment at the end of the term. If this criteria is not fulfilled then you will only get back your initial investment. Because of this you should carefully consider if you feel this product is right for you beforehand.
- Savings Account – Instant access savings account tend to accrue lower rates of interest than other products like bonds or structured deposits, but they do normally permit unlimited penalty-free withdrawals. So savers can access their money at any time and do not need to wait until the term finishes.