Fixed rate savings bond range launched

Fri, 28 Oct 2005

Chase de Vere Financial Solutions has teamed up with Newcastle Building Society to launch a range of fixed rate savings bonds.

Paying a savings interest rate of 5.05 per cent gross a year, savings bonds are available over 18 months, two years or three years.

A minimum investment of £1,000 is needed to open one of these savings bonds over the internet.

"Sneaky" savings providers cut savings rates back "as quickly as they could" following August's Bank of England interest rate cut, says Susan Hannums, Chase de Vere's savings manager.

She warns that should interest rates be cut again, they could be "at it again".

Ms Hannums says these savings bonds offer "peace of mind". These savings bonds offer "a great rate, a choice of terms to suit you and a shelter if the base rate does, as predicted, come down".

Chase de Vere points out that Mervyn King, the Bank of England's governor, hinted this week that more interest rate cuts in the near future are likely.

The savings provider says that with the current inflation level, higher rate taxpayers would need to earn at least 4.5 per cent gross to make "a real return".

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