The Pensioner Bond is no more. It was officially withdrawn from sale last Friday, and the latest update from the Treasury revealed that more than a million older savers benefited by investing over £13 billion in these market-leading accounts. If you weren't one of them, or were too young to qualify, fear not – we've got some alternatives!
The bonds were the biggest-selling retail financial product in Britain's modern history, with the accounts exceeding official expectations. Launched in January this year, the original plan was for the bonds to be closed after £10 billion had been invested, but in February it was announced that the deadline would be extended to 15 May 2015, to ensure that those aged 65 and over had time to apply.
Happily, it seems that many took advantage of the opportunity, and there's a reason that these bonds were so popular. By offering rates of 4% for the three-year bond and 2.8% for the one-year counterpart, they truly offered the best rates in the market. "The 65+ Pensioner Bonds have been a huge success," said Chancellor George Osborne. "They're now helping over a million older savers [by] boosting the return on their savings and securing a more comfortable financial future."
Now, the bad news. The withdrawal of the bonds, formerly on sale through NS&I, means that the best available rates have been snatched from your grasp – but if you didn't qualify anyway, you're probably not too concerned! We're here to help no matter why you missed out, so read on to check out a few alternatives.
Compare savings accounts
Check out the top fixed rate ISAs
Consider stocks & shares ISAs
Find top rates with high interest current accounts
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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