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Many of you may will have been notified that your 3 year NS&I Pensioner Bonds will start to mature over the next few months. As the 65+ Guaranteed Growth Bonds (known as Pensioner Bonds) are no longer on sale, you can still reinvest into a standard Guaranteed Growth Bond instead. You can reinvest up to the total value of your maturing Bond, including all the interest you earned. The rates vary from 1.50% – 2.25% depending on the term required. Sadly this is considerably less than the 4% enjoyed on the Pensioner Bonds.
There are other rates available with different providers and we have listed a few in the attached cash recommendations report. Please do not hesitate to contact us if you would like further advice on where to place your cash.
In this report, we have set out a description of the types of personal deposit accounts available and the most up to date rates offered by banks and building societies. These are the rates that we recommend but there may be better rates available with lesser known providers. BFP has not conducted an in-depth review of the financial stability of each of these institutions but can confirm that they are all covered by the FSCS.
Whilst there may be other financial institutions offering higher rates of interest, their exclusion from the UK Financial Services Compensation Scheme means we choose not to recommend them at this point in time...