Post Office launches new 7.05 pct growth bond

The Growth Bond is ideal for savers looking for a guaranteed rate of return over a fixed period of time, and unlike other similar products on the market is open to anyone with a minimum investment of GBP 500.

The new bond, along with other growth bonds in the Post Office range, is available at all UK Post Office branches, by telephone and online, making them easily accessible to all types of saver.

Post Office director of savings Richard Norman said: “The new one year growth bond offers one of the most competitive rates on the market. It is a fantastic opportunity for savers who do not need immediate access to their savings and who want a secure and convenient way to ensure a guaranteed fixed rate of return.

“In times of economic uncertainty this guarantee is more important than ever. By making it available online, in branch and over the phone, we have made it one of the most widely accessible bonds on the market.”

Post Office also offers three and five year fixed term bonds paying a rate of 6 pct interest.

How much will be earned
Deposit One year
7.05 pct
£500.00 – £535.25
£5,000.00 – £5,352.50
£10,000.00 – £10,705.00
£25,000.00 – £26,762.50
These are gross calculations and do not take account of income tax deduction