The bond pays 3.00% gross p.a./AER fixed until 30 September 2019.
Interest is paid annually and on maturity, plus there is a monthly interest option (2.96% gross) providing the interest is paid away to another account.
The minimum investment is £1,000 and the maximum £1 million for single and £2 million for joint accounts. No additional deposits or withdrawals can be made during the product term.
David Taylor, the West Brom’s head of products, said:
“For savers who are prepared to lock some of their funds away for a period of time there are competitive returns to be had and our five year bond is a good example of this.
“We are bucking the trend with this particular product having increased the rate from our last issue by 0.25%. The ability to pay interest away on a monthly basis is also a useful feature for those who need their savings to deliver a regular income.”
The West Brom also offers fixed rate bonds over one, two and three year terms which pay 1.50%, 1.75% and 2.00% gross p.a/AER respectively.
