Nova from Newcastle

NEWCASTLE Building Society is launching a five-year Nova Growth Bond, which pays gradually rising interest rates, up to 8.5 per cent gross in the final year.

Interest rates start at 6 per cent in the first year, or 5.75 per cent if paid monthly. The minimum investment is pounds 2,000.

Abbey National is extending its 3 per cent gross annual bonus for savers who invest at least pounds 20 a month for 12 months in their Regular Saver accounts until December 1995.

Including the bonus, the Regular Saver system offers 3.5 per cent for sums up to pounds 499, rising to 7 per cent on deposits above pounds 25,000.

Portman's Instant Access Account offers 5 per cent gross for savings above pounds 500. Confederation Bank has boosted fixed rates on its Tessas to 7.25 per cent tax free on investments above pounds 12,000.