Barclays launches new fixed rate bonds deal

Barclays launches new fixed rate bonds deal

Barclays has introduced a new fixed bonds deal.

People looking to compare savings on fixed rate bonds products might be interested in a new product launched by one financier.

Those already with Barclays fixed rate bonds - as well as new customers - will today (October 1st) be able to access a two-year fixed rate bonds package from the lender, which pays a rate up to 3.55 per cent on certain balances and represents an increase of 0.55 per cent on Barclays' previous package over the same timeframe.

This increased gross annual equivalent rate may be of particular note for people planning on putting a large amount of cash in their bonds, as it is paid on balances of between 50,000 and 1 million.

In addition, totals below the 50,000 threshold - but above 500 - will still be subject to a rate of three per cent.

Andy Gray, head of savings at Barclays, commented: "Fixed rate bonds have been immensely popular with customers over the last two years."

Meanwhile, Richard Talbot of Credit Action remarked recently that people should be putting more money into accounts such as fixed bonds following the recession.

People searching for fixed bonds or other types of savings account may also be interested in a new product launched yesterday (September 28th) by Skipton Building Society.

The lender has introduced a limited edition fixed rate bond, which is available at three different annual equivalent rates (AERs) - depending on how much money each customer deposits into their account - for a period of 18 months.

The new deal pays up to three per cent AER on balances of more than 50,000, while totals of between 25,000 and 50,000 will be subject to 2.75 per cent AER, both for a set timeframe of a year and a half.

Meanwhile, for those with less spare cash to save, balances of 500 to 25,000 will be rewarded with an AER of 2.4 per cent.

Kris Brewster, head of products at the financier, commented: "Customers interested in this offer should ensure they are in a position to take advantage as quickly as possible."

This product could prove popular with savers after Reza Attar-Zedah of Santander remarked recently that bonds are a good way to benefit from any increase in the base interest rate seen in the near future.

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