Post Office launches new Growth Bond

The Post Office has announced the launch of Growth Bond Issue 12, offering one, two and three year terms and rates up to 4.10% AER, available with immediate effect.

Issue 12 is the latest fixed term offer from the Post Office offering competitive rates with both the one and two year terms receiving Best Buy awards by the independent financial information provider, Moneyfacts.  The Post Office was also recently shortlisted in the 2010 Moneyfacts awards for Best Fixed Rate Provider.

Post Office Director of Savings and Investments Richard Norman said: “At a time when savings rates are still very low, our range of Growth Bonds offers a guaranteed return at a very competitive rate. With a minimum investment of only £500, these bonds are accessible to a wide range of savers and are ideal for those who don’t need immediate access to their money, keen to lock into a competitive rate of interest.”

Post Office Growth Bond Issue 12:

The rates and terms are:
1-year – 3.00% gross^/AER
2-year – 3.70% gross^/AER
3-year – 4.10% gross^/AER
 
Minimum opening deposit £500
 
Max deposit £1,000,000
 
Additional deposits Not allowed
 
Withdrawals
No withdrawals are permitted during the fixed term. Full closure during the fixed term is subject to a breakage charge.
 
Interest paid
Interest is fixed and paid annually on the anniversary of the Bond opening.

The Post Office is also offering a highly competitive Fixed Rate Cash ISA, currently paying 3.00% AER for the one year term.  The minimum investment is £500 and the maximum is £5100 with previous years’ transfers-in accepted with no maximum amount.

To find out more about the Post Office Growth Bond, the Fixed Rate Cash ISA or any other Post Office savings product, log onto postoffice.co.uk/savings