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Bank Loan: One-year bonds do not offer 'good value'

UK savers should avoid one-year bonds which offer rates of around three per cent as they do not offer good value.

Earlier this week, the Post Office announced that it will pay 2.9 per cent to its customers who invest in its instant access account.

The interest rate is now just 0.15 per cent below the best-paying one-year bond from Barnsley Building Society.
Andrew Hagger of comparison website warned customers about putting their funds in an account which they will not be able to access for 12 months.

He said: "To get that extra 0.15 percentage points in interest you have to forgo access to your cash for a whole year. That's not very good value."

Mr Hagger added that interest access rates have been rising over recent months, while one-year bonds have "not really moved any higher".

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800138326-ADNFCR

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