N&P rivals 'granny'

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The Independent Online
NATIONAL & Provincial Building Society is launching a rival to the Government's 'granny' bond.

The five-year fixed-rate bond will pay annual interest at 7.3 per cent gross or monthly interest at 7.1 per cent gross. The rate is fixed until 30 September 1999.

The National Savings Pensioners Guaranteed Income Bond pays 7 per cent gross with monthly payments. It has a minimum investment of pounds 500, with a pounds 2m maximum. It requires no notice but has a withdrawal penalty of 120 days' loss of interest.

Chelsea Building Society has cut the rates on its Classic Accounts - on investments of over pounds 25,000 from 6.6 per cent to 6.25 per cent and on investments of pounds 10,000 to pounds 24,999 from 6.25 to 6 per cent.

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