The
National Savings & Investments website and helpline are experiencing a high
volume of enquiries following the launch of their 65+ Guaranteed Growth Bonds
which are being referred to as ‘pensioner bonds’.
The
bonds are available for a period of one or three years. The taxable bonds offer
savers interest of 2.8% over one year and a fixed annual interest rate of 4%
over three years with a minimum investment of £500. Investors are restricted to
a maximum investment of £10,000 in each of the two products offered.
The
new bonds cannot be held within a New Individual Savings Account (NISA) and
only pay interest at the end of the savings term. Where investors cash in their
investment early, a penalty equivalent to 90 days’ interest will be applied.
Internet
link: NS&I bonds
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