Post Office launch competitive savings bonds

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The Post Office has announced two new competitive bond deals for savvy savers.

It's Growth Bond (Issue 22) and Online Bond (Issue 11) will offer a rate of up to 2% AER and 2.01% AER respectively for those willing to tie their money up for three years.

Both products give you the option to invest over a shorter amount of time, with the Growth Bond offering 1.60% AER for one year and 1.85% AER for two years. The online deal will give you a slightly better 1.61% AER for one year and 1.86% AER for two.

The minimum deposit for either bond is £500.

However, if you are looking to put away some more cash, then the ICIC Bank HiSAVE three-year fixed-rate account pays a rate of 2.70% on balances more than £1,000, while the Shawbrook Bank three-year fixed-rate bond (issue 16) will give you 2.65% on balances over £5,000.

Over 12 months, the Britannia fixed-rate bond is offering 1.71% AER on deposits over £1,000, while Metro Bank will give savers 1.71% AER on anything over £500.

Henk Van Hulle, head of savings and investments, said: "As one of the UK's leading savings providers we remain committed to giving our customers the best rates possible, especially in such a tough savings environment.
"With a minimum deposit of £500 as well as very attractive interest rates these products are designed to cater for the varying needs of today's savers."

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