20% rate offered by ÜBS

Press, 30 May 1985, Page 20

20% rate offered by ÜBS

United Building Society has announced a 20 per cent interest rate on the society’s “Blue Ribbon” term investment accounts for 10 to 12 month terms with “no catches,” as the managing director for United, Colin Jenkins, puts it.

“In addition to the 20 per cent interest rate, we offer the largest cash draws and cash prizes of any institution in the country. ’Blue Ribbon’ account holders get 50 chances a month to win up to $lO,OOO on ‘double your money’ draws, and a $lO,OOO

cash draw monthly. The number of chances for each account holder is based on the number of dollars in the account,” explained Mr Jenkins. “This allows the customer an opportunity for a major increase on investment as well as getting some of the best interest on the market. “At present interest rates are a ‘free for all,’ with the public confused and the institutions failing to give adequate explanations as to what exactly the depositor is letting themselves in for to get that rate,” said Mr

Jenkins. “Therefore, with this announcement we intend to put very plainly what the investor gets for their money.” The new interest rate of 20 per cent that United is offering on the Blue Ribbon Investment Account, is calculated on a daily basis. “Another concern for investors is the withdrawal of money before their investment term is up,” said Mr Jenkins. “United guarantees investors that there will be a minimum return of 15 per cent after three months.”