15 March 2011
Saffron Building Society offers RPI linked investment account
Saffron Building Society, the regional mutual serving East Anglia, today announced the launch of a six year RPI-linked investment account. The account is offers another option for those looking to take advantage of their annual tax-free allowance as savers can use it to invest their 2010/11 ISA allowance or transfer in an existing account from Saffron or another provider. It is also available without an ISA wrapper.
The Credit Suisse Protected Capital Plus Account has a minimum opening balance of £3,000 and maximum of £85,000 (or full value for Cash ISA transfers). The return is dependent on the All Items Retail Prices Index (RPI) but at maturity the return on the initial investment will be the greater of 15% gross (2.35% AER) minimum or 100% of any growth in RPI (gross), as taken from the level of the Index in March 2017, compared to the level of the Index for March 2011. The return is subject to leaving the funds invested for the full 6 year term.
Savers looking to invest in this new offering from Saffron have until 5 April - or earlier if it reaches capacity. The investment term is for six years and anyone wishing to remove their money earlier will be subject to an exit penalty, which may mean investors get back less than their original investment.
John Eastgate, Sales and Marketing Director of Saffron Building Society, said: "As the base rate marks its second year at 0.5% people are increasingly having to seek out new ways to maximise their savings. This deposit plan is designed to help those worried about the impact rising inflation is having on their savings by helping them beat it. It is just one of many flexible options offered to savers by Saffron to help them make the most of their tax free savings allowance as we head towards the end of the tax year."
These are limited offers and Saffron Building Society reserves the right to withdraw product offers. Full product details.
All information correct at time of going to print.
The account's Early Exit fee will be wavered in the event of the death of the investor.
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