BM Savings launches four new inflation rate bonds and ISAs
12 March 2012
BM Savings has launched two new inflation rate bonds and two new inflation rate cash ISAs with the option of a three year or five year term. This follows the successful launch of the three and five year inflation rate bonds and ISAs in 2011. Each year, customers will receive either the annual rate of inflation as measured by the Retail Prices Index (RPI) or a fixed rate of interest of 4.30% gross/AER on the five year term bond and 4.30% tax free/AER on the five year inflation rate cash ISA or 3.70% gross/AER on the three year term bond and 3.70% on the three year inflation rate cash ISA, whichever is greater.
You can save in the inflation rate bonds from just £500 up to £1 million for each customer (£2 million for joint account holders). For our inflation rate cash ISAs the minimum deposit is £500. You can save up to £5,340 in the 2011/2012 tax year and from 6th April 2012 up to £5,640 in the 2012/2013 tax year. Transfers from other cash ISAs allowed as long as the issue remains open. Access will be permitted subject to a 5% charge on the amount withdrawn. If you're unable to commit to a 3 or 5 year term these accounts aren't suitable accounts for you.
These accounts have a limited amount of money that can be deposited in them. The issue will close on 1 May 2012 or earlier if the limit is reached.
Information correct as at 12 March 2012.
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