To help pensioners who have been suffering from very low interest rates on their savings, the Chancellor has announced that in January 2015 he will be introducing a new “Pensioner Bond” for those aged over 65.
It will pay much better rates of interest than currently available. At this time it is estimated that the Bond will pay 2.8% for one year deposits and 4.0% for three year deposits. Up to £10,000 can be invested in each bond. He is also raising the cap on Premium Bond holdings in June from their current level of £30,000 to £40,000 and offering an additional million pound prize.
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