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Barclays extends flexible savings bond range

Barclays has increased the rates on its 18-month flexible savings bond by 0.5%. It now pays a fixed rate of up to 3% AER.

The bond will pay 3% on balances over £50,000 and 2.5% AER on balances below £50,000. It allows three withdrawals of up to 10% of the initial deposit without notice or charges.

Barclays has also extended its range of flexible bonds by launching a new four-year flexible bond with a bonus paying up to 3.75%, plus an extra 0.25% per annum, payable at maturity if no withdrawals are made over the term.

Andy Gray, head of savings at Barclays, said: “Autumn marks a peak time for bond maturities, with thousands of people looking for a new home for their savings.

“Since June, bond rates have fallen on average by 0.25%, but in recent weeks we have seen the high street’s fixed-rate bond market become more competitive, with rates picking up again as providers try to target savers during this busy period.

“We are increasing the rates on our 18-month flexible bond to help customers maximise the return on their savings but also maintaining the flexibility to access their money.

“The response to our flexible bonds since we launched in June 2011 has been fantastic, customers have bought four times more than we originally expected and our two-year flexible bond (issue one) was the fastest selling bond we have ever had.

“We are really tapping into what customers are looking for: a good rate to support savers in this low interest rate environment with the ability to access a proportion of their money if needed.”

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