N&P raises interest rates on savings bonds

Tue, 04 Oct 2005

Norwich &Peterborough has announced that it is to raise interest rates on its fixed rate savings bonds.

The building society has said that the savings rates on its savings bonds with fixed interest rate periods over one and two years will both rise to 4.75 per cent. Its two-year fixed rate 'loyalty bond' will pay a greater interest rate, at 4.85 per cent.

Savers can make a minimum investment of £1,000. Interest can be paid monthly on both savings bonds, on maturity on the one-year savings bond or annually on the two-year savings bonds. Only one investment can be made, although savers can open more than one savings bond.

Gary Lacey, group product manager of Norwich &Peterborough, said: "Our research shows that 4.75 per cent is probably the best rate available for a one- or two-year fixed rate bond in our region's high streets.

"And, what’s more, our two-year fixed rate loyalty bond will continue to pay an enhanced rate over the standard two year rate and so will pay an even higher 4.85 per cent."

The building society, based in the east of England, has over 50 branches. It 2004 it claimed to give one per cent of its pre-tax profits to charity.

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