Abbey Guaranteed Income Bond issued

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Abbey Guaranteed Income Bond issued

A new Abbey Guaranteed Income Bond has been unveiled, offering a guaranteed fixed income of 3.68 per cent net per year, 4.6 per cent gross equivalent, for annual income payments.

The bank claims that its new four-year deal is the only life cover scheme requiring a single premium that guarantees a fixed income.

Payments can be received on a monthly, quarterly or annual basis and a capital return is assured after four years or in the event of death.

If a customer opts to receive their money on a monthly or quarterly basis, they will be given a 3.6 per cent net interest rate, compared to the 3.68 per cent rate offered on annual income payments.

Any investors who choose to cash in their bond before the end of the four years may receive less than was initially paid in.

Pak Chan, head of investments marketing at Abbey, said: "We expect this new Guaranteed Income Bond launch to appeal to people looking for capital security at maturity and the certainty of a regular income for the next four years."

The Abbey Guaranteed Income Bond requires a minimum investment of £5,000 and the closing date for applications is April 11th providing the packages do not sell out before this date.

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