Post Office launches new growth bonds

The Post Office has announced it is launching a range of new Growth Bonds offering one, three and five year fixed terms, available from Monday 12 May.

The Growth Bonds offer a return of up to 6.25% and are ideal for cautious savers looking for a guaranteed rate of return over a fixed period of time.

To apply customers simply invest a minimum of £500 for their chosen time period. Savers looking to lock their savings away for one year will earn 6.25% AER whilst those who are able to fix for three or five years will receive 6% AER.

Post Office director of savings Richard Norman said: "In times of economic uncertainty people want to have peace of mind that their savings are safe and working as hard as possible for them. For people lucky enough not to need immediate access to their savings, Post Office Growth Bonds offer a convenient and secure way to ensure a guaranteed fixed rate of return."

Growth Bonds will be available at all UK Post Office branches, by telephone and online.

To find out more about Post Office Growth Bonds, log onto postoffice.co.uk.