CashQuestions - Golden guarantee from Wesleyan

Golden guarantee from Wesleyan

19 January 2009

Wesleyan Assurance Society is offering customers a £100 voucher to spend on other Wesleyan products, and 100% deposit protection on bank savings up to £250,000 placed in Wesleyan Bank’s Mutual Gold Fixed Term Bond, currently offering 4% interest.

Qualifying customers will receive a £100 voucher which can be used against home and motor insurance products. As Wesleyan offers a price match on home insurance, Wesleyan says customers are well placed to make savings on their existing home policies. The voucher can be also transferred to a member of the customer’s immediate family.

Wesleyan Bank is also guaranteeing customer's deposits over and above the £50,000 guarantee offered by the Financial Services Compensation Scheme. Deposits in Wesleyan Bank are 100% guaranteed up to £250,000 per individual (£500,000 for a joint account) by the Weselyan Assurance Society.

Craig Errington, Wesleyan’s chief executive, said, "We are giving customers a commitment to guarantee savings of up to £250,000, or £500,000 on a joint account, if they place deposits in the Wesleyan Mutual Gold Fixed Term Bond. We launched the Mutual Gold account last Autumn in response to customer concerns about finding a safe home for their cash savings and wanting more security than the Government guarantee of £50,000.

"We had a fabulous response and are now launching a second series of Mutual Gold, offering a highly competitive rate of 4% AER over one, two and three years. With current base rates at 1.5%, this represents an attractive option, with the additional safety of capital being 100% guaranteed.”

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