Co-operative three-year fixed rate bond paying 5%

With only a month until Christmas, The Co-operative Financial Services (CFS) has launched a Christmas cracker - a market-leading three-year bond with a fixed rate of 5%.

The first new product to be launched simultaneously by Britannia and The Co-operative Bank following their merger, the bond is available from today (25 November) through the entire network of over 300 branches, across the UK.

The bond can be opened with a minimum investment of £5000, up to a maximum of £1 million. It also gives savers a 30 day window to access their funds and close the account at the end of each 12 months - although interest penalties will apply.

John Hughes, Director of Retail products at CFS, said: "We know that access to funds has become an important issue for customers in the current climate so we've introduced an annual window for savers to access their money and close the account should they wish."

"As we edge towards the end of 2009 - a year which has seen some of the lowest interest rates ever - we're hoping to end the year with a bang and give savers a real Christmas boost.  This launch is also a major step for the business, as the first new product that is available from both Britannia and The Co-operative Bank, making it even easier for people looking to maximise their savings and giving them a taste of things to come."

Savers wanting more information should visit their nearest branch of Britannia or The Co-operative Bank, visit britannia.co.uk.