Nationwide unveils new stepped bond

Thursday, 05 November 2009 12:00

Nationwide is tomorrow launching a new four-year bond which offers increasing rates of interest as the product progresses.

The Stepped Rate Bond offers a rate of 3.75 per cent to investors in the first year and 4.25 per cent in year two.

After three years savers will receive returns of 4.75 per cent and then a 5.25 per cent rate is paid in the fourth and final year of the bond.

Andy Hutchinson, head of savings at Nationwide, said: "Our new four year Stepped Rate Bond is good news for people who not only want a guaranteed rate of interest, but who also want a rate that increases year after year."

A minimum investment of £5,000 is required to open the bond.

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