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Skipton offers bond guaranteed against falling rates for five years

Skipton Building Society is launching an investment bond that offers customers protection from falling rates for up to five years.


The Protection Bond has a fixed rate of 7.5 per cent gross until March 31 1999 dropping to a fixed rate of 7 per cent gross from April 1, guaranteed as long as the three month LIBOR does not fall to 5.25 per cent or below.


If it does the rate will change to the equivalent of bank base rate for the remainder of the term of the bond and penalty free access to funds will be allowed.


The minimum investment is £5,000 and the bond matures at midnight January 31 2004.

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