UK-based Barclays has announced that it is launching a new three-year fixed rate savings bond paying 4.25% gross pa/AER.
The fixed rate bond is available to new and existing customers and can be opened with a minimum GBP25,000 and a maximum of GBP500,000.
Andy Gray, head of mortgages and savings at Barclays, said: From a rate perspective, this new three-year bond is comparable with many five-year bonds. It’s great for savers who want to get the best rate without tying up their money for five years.
The monthly option of the bond will particularly appeal to savers who rely on their savings for a regular income, while the end of term option offers guaranteed growth in three years time. At the end of the term they can simply switch to another bond and take advantage of what rates are available at that point.
