Rates rise on GIBs

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The Independent Online
GENERAL Portfolio has lifted the rate on its five-year Guaranteed Income Bond from 5.2 to 5.8 per cent. But Financial Assurance has pulled out of the GIB market because it feels market conditions are not right.

Britannia Building Society's new Escalator Bond offers investors 6 per cent gross until April 1995, rising every 12 months for the next five years to a total of 8.5 per cent gross. Interest is paid into a separate account and can be paid monthly or quarterly.

Woolwich Building Society has changed the qualifying rules on its two-year fixed rate bond, reducing the minimum investment from pounds 5,000 to pounds 500. The bond pays 6.5 per cent gross on sums of up to pounds 25,000 and 6.75 per cent thereafter. Income can be paid monthly or quarterly.

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