Cheshire, Derbyshire and Dunfermline reward loyal savers

13 July 2012

The Cheshire, Derbyshire and Dunfermline Building Societies, part of the Nationwide Group, are today launching new fixed rate bonds aimed at rewarding loyal* savers.

Cheshire Building Society - 18-Month Loyalty Bond (Issue 2)

  • The new account has an 18-month term and pays a rate of annual interest of 3.66% AER** (3.70% gross p.a.).

Derbyshire Building Society and Dunfermline Building Society - Loyalty Bond (Issue 2)

  • The new account is fixed until 31 July 2014 and pays a rate of annual interest of 3.80% gross p.a./AER**.

The new bonds are available to existing customers who have held a savings account, for at least three months, with the Society they open an account with. In order to give the benefits to as many existing customers as possible, the Loyalty Bonds will have a maximum balance of £5,000 for a sole account or £10,000 if it is a joint account.

Darren Bailey, Nationwide's Head of Savings Pricing, said: "These new accounts reinforce our commitment to provide special products for our existing savers.

"In the current low interest rate environment, if savers have funds they don't need access to in the medium term, one way to achieve a better rate could be to move them into a fixed rate bond.

"These new bonds offer competitive rates and aim to reward our loyal members."

Notes to editors:

* The 18-Month Loyalty Bond (Issue 2) and Loyalty Bond (Issue 2) are available to customers who have held a savings account with the brand (for which they are opening the account) for at least three consecutive months prior to account opening.

** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

Cheshire Building Society

RATES FOR 18-MONTH LOYALTY BOND (ISSUE 2) FROM 13 JULY 2012

Maturity AER Gross p.a. Net p.a.
£100 - £10,000*** 3.66% 3.70% 2.96%
Monthly AER Gross p.a. Net p.a.
£100 - £10,000*** 3.66% 3.60% 2.88%

*** Maximum deposit of £5,000 for sole accounts, £10,000 for joint accounts.

Rate fixed for 18 months.

Withdrawals and closures are not permitted during the term of the account.

Derbyshire and Dunfermline Building Society's

RATES FOR LOYALTY BOND (ISSUE 2) FROM 13 JULY 2012

Annual AER Gross p.a. Net p.a.
£100 - £10,000*** 3.80% 3.80% 3.04%
Monthly AER Gross p.a. Net p.a.
£100 - £10,000*** 3.76% 3.70% 2.96%

*** Maximum deposit of £5,000 for sole accounts, £10,000 for joint accounts.

Rate fixed until 31 July 2014

Withdrawals and closures are not permitted during the term of the account.

The Cheshire, Dunfermline and Derbyshire Building Societies are Trading Divisions of Nationwide Building Society.

Please note: If you are a customer looking for information on our products and services, please visit the main website.