New First Direct fixed-rate savings bond launched

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New First Direct fixed-rate savings bond launched

Savers looking for somewhere to invest their money now have the option of a First Direct fixed-rate savings bond.

Open to deposits between £2,000 and £49,999, the bond is available to existing First Direct customers, who will receive a rate of 2.75 per cent AER on their cash.

The one-year deal will mature on February 28th 2011, with consumers who wish to invest more than the upper limits able to open multiple bonds.

Matt Colebrook, chief executive at First Direct, commented: "Although interest rates have remained unchanged for some time now, savers still want the certainty of earning a consistently good rate of interest on their money."

After the initial investment, further deposits cannot be made into the bond. Withdrawals are not permitted and those wishing to close the bond will incur a £100 penalty.

Last month, the institution reported that it had been named the most loved savings brand by consumers through lovemoney.com.

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