Competitive new short term savings bond from N&P

A new, limited issue fixed rate bond from Norwich & Peterborough Building Society (N&P) is offering savers a safe haven for their cash.

The 18 month bond offers a competitive return of 3.35 % gross/AER and is available now.

"Customers are telling us they're unwilling to tie up their savings for the longer term when the economic situation at home and abroad remains so uncertain," said N&P product manager Gary Lacey.

"They still want to get the best possible return on their cash so we're pleased to be able to offer this competitive rate of 3.35 % and add to the choice of products in N&P's savings portfolio.

"We're one of the few providers to offer 18 month fixed rate bonds, which meet the needs of savers who want an attractive fixed rate and who otherwise would have to choose between either a one or a two year product.

"As the rate is so attractive, we expect the bond to be very popular and so it is unlikely to be available for long."

The minimum investment in the new N&P bond is £1,000 and up to £1 million can be deposited.

The bond can be opened online, at any of N&P's 46 branches, including the society's Gibraltar branch, or by post.

Investors who choose the branch-based or postal bond have the option of receiving monthly or annual  interest payments.

For more information, visit nandp.co.uk.