The new bonds are available via the Stroud & Swindon website and the minimum investment balance is required to keep the account open.  Both bonds have a guaranteed return on investment on maturity of the bond, along with any interest accrued.

Paul Chafer, Sales Director at Stroud & Swindon comments:

“Stroud & Swindon are delighted to introduce these new products, offering customers two guaranteed short term savings deals.  As our customers make their financial resolutions for 2007, we hope these competitive products will help them to get into healthy savings habits.”

To locate your closest branch visit www.stroudandswindon.co.uk or call 0800 618161

- ENDS –

For further information please contact:

Paul Chafer
Sales Director
Stroud & Swindon
01453 768407

Lee Blackwell / Brian Thorn / Karen Butcher
The Wriglesworth Consultancy
020 7845 7900

Notes to Editors:

Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.5 billion.  The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices in the South West, complemented by a direct call centre based in Stroud and website www.stroudandswindon.co.uk. 

Fixed Rate Bond at 5.40% until 11 March 2008

• The fixed rate bond is a limited issue.
• Guaranteed return of investment on maturity
• Customers are able to make additional investments into the account up to the overall limit of £500,000 but only whilst this issue remains open.
• Gross interest available to eligible non-taxpayers
• A minimum balance of £500 is needed to keep the account open (£5000 for monthly interest option)
• Customers may open the bond with a minimum of £500 and add to the account, up to a maximum investment limit of £500,000, but only whilst the issue is still available.
• Monthly income option is available on this account - For monthly interest a minimum balance of £5,000 is required.
• Instant withdrawals subject to 90-day interest penalty - If insufficient interest has accrued to cover the loss, adjustment made to capital balance.
• Interest is calculated on a daily basis and is credited annually at midnight (commencing 1st March 2007) and up until midnight on the 11 March 2008.
• No age restriction applies to the bond.
 
Withdrawals:
• Postal accounts will have the funds transferred direct to customers bank or building society account via BACS (Bank Automated Clearing System)
• Local Branch withdrawals up to £500 in cash or cheques up to maximum balance if account held with branch.
 
Maturity:
• The bond will mature on 11th March 2008, interest having been calculated up until midnight on the previous day.
• Customers will be contacted prior to that date and offered alternative investment opportunities. Customers are guaranteed a return of their investment on maturity together with any interest accrued.
 
Interest: 
• For monthly interest customers can choose to have the interest transferred to either their bank account or another account with us on a monthly basis. The interest will be transferred on the first day of each month, commencing on the 1st of the month following the account being opened.
• Should the amount of monthly interest fall below £10, the interest will be credited to your bond.
• The bond will mature on 12th March 2008, interest having been calculated up until midnight on the previous day.
• Interest can be transferred to a bank account; another Stroud & Swindon account, or added to the new bond.

Tax:
• Interest will be paid or credited after deduction of income tax at the appropriate rate
• Non-taxpayers must first complete the appropriate Inland Revenue declaration (R85) (Customers must contact their local Tax Office if they are unsure about their eligibility for tax-free interest)

2-Year Fixed Rate Bond at 5.45% until 10 March 2009

 
• The fixed rate bond is a limited issue.
• Guaranteed return of investment on maturity
• Customers are able to make additional investments into the account up to the overall limit of £500,000 but only whilst this issue remains open.
• Gross interest available to eligible non-taxpayers
• A minimum balance of £500 is needed to keep the account open (£5000 for monthly interest option)
• Customers may open the bond with a minimum of £500 and add to the account, up to a maximum investment limit of £500,000, but only whilst the issue is still available.
• Monthly income option is available on this account - For monthly interest a minimum balance of £5,000 is required.
• Instant withdrawals subject to 90 day interest penalty - If insufficient interest has accrued to cover the loss, adjustment made to capital balance.
• Interest is calculated on a daily basis and will be credited annually at midnight (commencing 1st March 2007) and up until midnight on the 10th March 2009.
• No age restriction applies to the bond.
 
Withdrawals:
• Postal accounts will have the funds transferred direct to your bank or building society account via BACS (Bank Automated Clearing System)
• Local Branch withdrawals up to £500 in cash or cheques up to maximum balance if account held with branch.

Maturity:
• The bond will mature on 11th March 2009, interest having been calculated up until midnight on the previous day.
• Customers will be contacted prior to that date and offered alternative investment opportunities. Customers are guaranteed a return of their investment on maturity together with any interest accrued.

Interest:
• For monthly interest customers can choose to have the interest transferred to either their bank account or another account they have with us on a monthly basis. The interest will be transferred on the first day of each month, commencing on the 1st of the month following the account being opened.
• Should the amount of monthly interest fall below £10, the interest will be credited to the bond.
• Customers can have the interest transferred to their bank account, another Stroud & Swindon account, or added to their new bond.

Tax:
• Interest will be paid or credited after deduction of income tax at the appropriate rate
• Non-taxpayers must first complete the appropriate Inland Revenue declaration (R85) (Customers must contact their local Tax Office if they are unsure about their eligibility for tax-free interest)