Newcastle Building Society fixed-rate bond launched

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Newcastle Building Society fixed-rate bond launched

A new bond offering a fixed rate of 6.45 per cent has been launched by Newcastle Building Society.

The seven-month fixed-rate option guarantees the investment with interest paid on maturity.

A monthly interest option, at a lesser rate, is also available.

The bond is available for investments of £1,000 to £1,000,000 and matures on May 11th 2009.

Steve Urwin of Newcastle Building Society called the deal an "attractive option" and said it offered security of a good return in "uncertain times".

Guaranteed bond rates have remained unchanged by the recent cut in base rate, according to Baronworth Investment Services (BIS).

The firm said that the low confidence in banks and building societies is prompting many investors to consider National Savings & Investments guaranteed income bonds.

But it said such rates are "particularly unattractive", especially for people wishing to invest £50,000 or more and who are higher rate taxpayers.

The best rate currently available, according to BIS, is the one-year annual bond for £500,000 or more from AIG.

ADNFCR-323-ID-18831366-ADNFCR

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