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COUNCIL LAUNCHES NOVEL SAVINGS SCHEME FOR RESIDENTS

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North West Leicestershire DC is to start up a novel savings scheme next month - the Safe and Secure Special Deposit...
North West Leicestershire DC is to start up a novel savings scheme next month - the Safe and Secure Special Deposit Account, reports BBC Leicester.

It will be open to all residents of North West Leicestershire.

District council chairman Frank Straw says although it is not operating as a bank, he is sure investors will be interested.

'We feel we can offer a better rate than building societies and National Savings. So there will be a benefit to the save by getting a better deal, and savings to the council taxpayer in our district because we shall still be able to borrow at less than we do on the money market', he explained.

'Overheads and administration costs would be quite small compared with the major lenders', he added.
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