Customers saving money at Norwich and Peterborough Building Society (N&P) will benefit from a decision by the Society to pay a higher savings interest rate on its savings bonds.
People saving money in fixed rate savings bonds, fixed rate mini cash ISAs and TESSA-only ISA and loyalty savings bonds will be affected.
The savings bond paying a fixed savings interest rate over a year will have a new savings interest rate of 4.30 per cent, up from 4.20 per cent.
The three-year savings bond will now pay 4.45 per cent rather than 4.35 per cent and the five-year savings interest rate will now be 4.50 per cent, up from 4.30 per cent.
Customers saving money in these savings bonds will benefit from the changes in the savings interest rates from this Thursday.
As long as a minimum amount of £1,000 remains in the savings bond, those saving money can make no-notice withdrawals.
However, if people withdraw their savings, they will lose some of the interest they have earned.
Withdrawals from the one-year savings bond will have a 50 days' loss of interest. For the two- and three-year savings bonds 120 days' interest will be lost. If money is withdrawn from the five-year savings bonds, 180 days' loss of interest will apply.
Good news for N&P savings bond savers
Good news for N&P savings bond savers
Tue, 16 Aug 2005
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