The Post Office has announced the launch of two competitive savings products to cater for the varying needs of today's savers.

The Post Office Growth Bond Issue 11, which is available immediately, offers one, two and three year terms at 3.3 per cent gross/AER, 4.05 per cent gross/AER and 4.4 per cent respectively.

Also available now is a Fixed Rate Cash ISA (Issue 2) offering a one year term with a rate of 3 per cent tax-free/AER.  Applications for both products are available in branch, online and over the telephone.

Richard Norman, director of savings and investments at the Post Office, said, ‘The current environment is tough for savers, but the new Post Office Growth Bond, which offers a guaranteed return at a competitive rate, is ideal for those who do not need immediate access to their savings.  With a minimum investment of only £500, these bonds are ideal for all types of savers looking to take advantage of rates of up to 4.4 per cent AER.

‘With new ISA limits already available to savers over 50 and coming into play for everyone from 6 April 2010, everyone needs to re-evaluate their savings.  Whatever your age, opening a new Fixed Rate Cash ISA is a great way of ensuring you are making the most of your tax-free saving.’