Building society offers ‘excellent’ 5.5% interest on limited edition account

Kevin Mountford, savings expert and co-founder at Raisin commented: “At Christmas time, we face a period of increased costs, which for many is a real challenge and adds a lot of pressure to households around the country. Clearly, if we are able to save towards this it provides a big help but due to the current cost of living putting money aside isn’t easy. However, products such as the new Monmouthshire Christmas Bond help as it provides a degree of flexibility in terms of the amount that can be deposited.

“Whilst this product is marketed as a Christmas fixed bond, it operates as a typical regular saver account enabling savers to deposit a monthly amount starting at £10 and at 5.5 percent, it also offers an excellent rate of interest.

“It should be noted that any early closure of the account means that you will lose out on the headline rate and instead default to a derisory 0.2 percent, so make sure you can afford to lock the money away until the end of 2023. But, this can be a positive as it provides a more disciplined approach to saving and to be fair, there are no restrictions on how the money can be used and upon maturity, you could just decide to take a winter break or spend on anything else that is needed.

“The only real downside is the fact that the product can only be opened in branch or via a postal application so always worth checking out other options and be aware that this product could be withdrawn at any time. So if it appeals, make sure you act now and don’t miss out.”

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