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Sun Bank launches fixed rate bond


Sunbank is launching a three year fixed interest savings account which pays 7.05 per cent gross interest.


The banking arm of Sun Life of Canada says it is aiming to attract savers who are looking to obtain capital growth on their surplus funds with very little risk.


The minimum opening balance is £1,000 and the maximum is £250,000.


It is also launching a three year fixed monthly income account aimed at 6.96 per cent gross aimed at savers looking for regular low risk income.


For both accounts IFAs earn an up front commission of 0.45 per cent of the initial amount invested on either the growth or income product with no clawback even if the client withdraws the funds early.


The bank says this means an investment of £12,000 would earn the IFA £54.


Sunbank marketing director Chris Cummings says: &#34The perception at present is that the economy is in a low interest rate environment which is disadvantageous to savers who have traditional bank and building society accounts.


&#34We believe our range of accounts offers UK investors very desirable rates.&#34


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