Spotlight: Principality 30-Day Direct Account

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The Independent Online

Principality Building Society has launched a 30 day notice account which stands top of the best buy tables for products of this genre.

The 30-Day Direct Account pays a rate of 2.9 per cent although this includes a 12 month bonus of 1 per cent. Interest can be paid either annually or monthly. The minimum investment is £1,000 with the maximum being £500,000. But, only the first £50,000 is totally guaranteed under the terms of the Financial Services Compensation Scheme, so advisers recommend that you have no more than this invested with a single institution.

This is a variable rate postal account so there is no branch or internet access. Another point to consider is that the rate will drop to 1.9 per cent once the bonus period ends. If you want to be more disciplined with your savings then the 30 day notice period for withdrawals may help. Savers can make unlimited withdrawals as long as notice is given. If you want your money more quickly, you will lose 30 days' interest on your funds.

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