National Savings and Investments

2-year Fixed Interest National Savings Certificates – New Issue

17th Issue 2-year Fixed Interest Savings Certificates went on sale on 5th February 2003. A Certificate will grow in value at guaranteed rate each year as follows:

Year 1	2.35%
Year 2	2.86%

If a Certificate is held for two years, these rates will give a tax-free and guaranteed return equal to 2.60%pa compound.

5-year Fixed Interest National Savings Certificates – New Issue

67th Issue 5-year Fixed Interest Savings Certificates went on sale on 5th February 2003. A Certificate will grow in value at guaranteed rate each year as follows:

Year 1	2.50%
Year 2	2.60%
Year 3	2.80%
Year 4	3.00%
Year 5	3.36%

If a Certificate is held for five years, these rates will give a tax-free and guaranteed return equal to 2.85%pa compound.

2-year Index-linked National Savings Certificates – New Issue

15th Issue 2-year Index-linked Savings Certificates went on sale on 5th February 2003. The value of a Certificate will move in line with the rate of inflation as measured by the Retail Prices Index (subject to the detailed rules set out in the terms and conditions), plus extra interest as follows:

Purchase Price	+	Index-linking	+	0.25%	=	1st Anniver-
for year 1	Purchase Price	sary Value
1st Anniver-	+	Index-linking	+	0.76% of 1st	=	Maturity
sary Value	for year 2	Anniversary	Value

If a Certificate is held for two years, the e rates will give a tax-free and guaranteed return equal to 0.50% pa compound in ddition to index-linking.

5-year Index-linked National Savings Certificates – New Issue

26th Issue 5-year Index-linked Savings Certificates went on sale on 5th February 2003. The value of a Certificate will move in line with the rate of inflation as measured by the Retail Prices Index (subject to the detailed rules set out in the terms and conditions), plus extra interest as follows:

Purchase Price	+	Index-linking	+	0.65%	=	1st Anniver-
for year 1	Purchase Price	sary Value
1st Anniver-	+	Index-linking	+	0.75% of 1st	=	2nd Anniver-
sary Value	for year 2	Anniversary	sary Value
Value
2nd Anniver-	+	Index-linking	+	0.95% of 2nd	=	3rd Anniver-
sary Value	for year 3	Anniversary	sary Value
Value
3rd Anniver-	+	Index-linking	+	1.15% of 3rd	=	4th Anniver-
sary Value	for year 4	Anniversary	sary Value
Value
4th Anniver-	+	Index-linking	+	1.51% of 4th	=	Maturity
sary Value	for year 5	Anniversary	Value
Value

If a Certificate is held for five years, these rates will give a tax-free and guaranteed return equal to 1.00%pa compound in addition to index-linking.

National Savings and Investments

Fixed Rate Savings Bonds – New Issues

New Issues of Fixed Rate Savings Bond went on sale on 5th February 2003 as shown in the table below. The rate of interest earned by a Bond will be determined by its capital value at any time - the original investment plus any interest added to the Bond less any repayments. The rate is determined by whether the interest is paid monthly or at maturity. Interest is paid net of tax.

Term	Capital value	Gross Annual Rates
of Bond	Monthly	Annual
interest option	interest option
1-year	£500 to £19,999.99	3.00%	3.05%
Issue 18	£20,000 to £49,999.99	3.15%	3.20%
£50,000 and above	3.35%	3.40%
3-year	£500 to £19,999.99	3.25%	3.30%
Issue 11	£20,000 to £49,999.99	3.40%	3.50%
£50,000 and above	3.60%	3.70%
5-year	£500 to £19,999.99	3.40%	3.50%
Issue 9	£20,000 to £49,999.99	3.55%	3.65%
£50,000 and above	3.75%	3.85%

National Savings and Investments

Pensioners Guaranteed Income Bonds

1-year Term – New Series

Series 15 1-year Pensioners Guarantee Income Bonds went on sale on 5th February 2003. The interest rate, fixed and guaranteed for the first year a Bond is held, is 3.30% pa gross. The interest is paid gross and is taxable.

National Savings and Investments

Pensioners Guaranteed Income Bonds

2-year Term – New Saries

Series 21 2-year Pensioners Guarantee Income Bonds went on sale on 5th February 2003. The interest rate, fixed and guaranteed for the first two years a Bond is held, is 3.45% pa gross. The interest is paid gross and is taxable.

National Savings and Investments

Pensioners Guaranteed Income Bonds

5-year Term – New series

Series 30 5-year Pensioners Guaranteed Income Bonds went on sale on 5th February 2003. The interest rate, fixed and guaranteed for the first five years a Bond is held, is 3.75% pa gross. The interest is paid gross and is taxable.

National Savings and Investments

Individual Savings Accounts – Notice of New Interest Rates

On and from 19th February 2003 the variable tax-free rate of interest payable on Individual Savings Accounts (cash mini and TESSA-only accounts) will be 4.05% pa.

National Savings and Investments

Investment Accounts – Notice of New Interest Rates

On and from 19th February 2003 the variable gross rates of interest payable on Investment Accounts will be as follows:

Balance in Account	Rate of Interest
up to £499.99	2.45% pa
£500 to £4,999.99	2.55% pa
£5,000 to £9,999.99	2.65% pa
£10,000 to £24,999.99	2.85% pa
£25,000 to £49,999.99	3.05% pa
£50,000 and above	3.45% pa

National Savings and Investments

Treasurer’s Accounts – Notice of New Interest Rates

On and from 19th February 2003 the variable gross rates of interest payable on Treasurer’s Accounts will be as follows:

£10,000 to £24,999.99	2.85% pa
£25,000 to £99.999.99	3.05% pa
£100,000 and above	3.45% pa

Issued by National Savings and Investments

on behalf of the Treasury.