Skipton Financial Services has announced the launch of its fixed rate bond, offering an alternative for those savers that are being forced to sacrifice either access to their cash or a competitive rate of interest.

The financial advisory arm of Skipton Building Society is offering a two-and-a-half year fixed rate bond through the building society which pays 3.55 per cent and allows savers immediate access to 50 per cent of their initial investment.  

Alternatively, savers can opt for 3.75 per cent in exchange for access to only 25 per cent of their investment, or receive 3.95 per cent by locking their money away until November 2011.

Mark Fleet, managing director of Skipton Financial Services, says, ‘We have listened to what customers have been asking for and are delighted to be able to offer this product which combines the advantages of an instant access account, with the best features of a fixed rate bond.

‘Unlike other similar offerings out there, which only offer one opportunity to take money out, savers choosing either of the access options (3.55 per cent or 3.75 per cent) will have unlimited access to make immediate penalty-free withdrawals up to 50 per cent or 25 per cent of their initial investment respectively.’

The minimum investment for the bond is £500 and savers can invest up to £1 million (£2 million if joint account).

For more information, visit www.skiptonfs.co.uk or call 0800 731 5345.