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New Government pensioner bonds take-off


The new pensioner bonds announced by the Chancellor of the Exchequer in the March Budget last year have been officially launched today.

The bonds, which are formally known as 65+ Guaranteed Growth Bonds - will offer a 2.8% annual interest rate over a one-year term and a 4% interest rate over a three-year term. Interest will be added on each anniversary after investment. This compares to the current best one-year bond on the open market paying 1.85% interest and the best three-year bond paying 2.5%. Only those aged 65 years and over are eligible to invest in the bonds.

Low interest rates and accounts offering low returns in the pension bonds market has led to expectations of high demand for these bonds. Investments are limited to £10,000 each bond, making the maximum amount to invest £20,000 per individual.

The website selling the bonds has experienced some technical difficulties this morning, due to the high demand. They have now been resolved.

Jane Platt, chief executive of National Savings & Investments, where the bonds are being sold, said:
"We expect these bonds to be on sale for months not weeks and would like to reassure savers that there is no need to rush to invest. We would also encourage savers to apply online. This should be the quickest and easiest way to invest and will provide immediate assurance that an application has been received"

If you would like to apply for the bonds mentioned please call National Savings and Investments on 0500 007 007 or visit their website

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