Investments in Banks.

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 MEMORANDOM

TO: Miss Booth

FROM: Fareeda Begum

DATE: 3 March 2003-02-03

 Investments in Banks.

You have asked me about investing your recent winnings in a bank account or a trust with competitive interest rates. I have collected a wide variety of accounts from different types of banks and alternative ways of saving your money in the best possible way. My findings are below:

The Loughborough Building Society

Account: Loughborough Bond II

Interest rate: 3.68% Net p.a annually for £100,000 or more.

Key Features:

  • 2 year term account. A letter is sent to you advising of re-investment terms shortly before maturity.
  • Minimum investment £5000
  • No withdrawals in year 1 but allowed in year 2 subject to 90 days notice or 90 days interest lost.
  • Additional amounts can be invested anytime.
  • Interest paid annually on December 31st or monthly as an income.

Lloyds/TSB

Account: 90 Day Notice Account

Interest rate: 2.32% Net p.a annually for £100,000 or more

Key features:

  • Minimum investment £10,000
  • 90 day notice period to access money.
  • Receive regular statement to keep track of account
  • Interest can be paid annually or monthly as an income.

Account: Rewards Savings with Bonus

Join now!

Interest rate: 2.84% Net p.a annually for £25,000 or more.

Key features:

  • Higher interest for fewer withdrawals
  • Instant access to money if needed
  • Includes special interest rate bonus
  • Make 2 withdrawals a year and still retain the highest interest rates.

Natwest.

Account: Diamond Reserve

Interest rate: £100,000-£249,999     2.28% Net p.a

Key features

  • Minimum balance £2000
  • 30 days notice needed before you make a withdrawal
  • Make one withdrawal up to £250 in a any calendar month without having to give notice or loose interest.
  • Interest is added monthly and ...

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