Fixed Interest National Savings Certificates—New Issue

46th Issue Savings Certificates will go on sale from 27th March 1998. They will grow in value at a guaranteed rate each year as follows: Year 1 3.6% Year 2 3.8% Year 3 4.4% Year 4 5.2% Year 5 7.04% If a certificate is held for 5 years, these rates will give a tax-free and guaranteed return equal to 4.8 per cent. per annum compound.

Index-linked National Savings Certificates—New Issue

13th Index-linked Issue Savings Certificates will go on sale from 27th March 1998. The value of a certificate will move in line with the rate of inflation as measured by the Retail Prices Index, plus extra interest as follows:

Purchase price	+	Index-linking for year 1	+	1% of Purchase price	=	1st Anniversary Value
1st Anniversary Value	+	Index-linking for year 2	+	1.2% of 1st Anniversary Value	=	2nd Anniversary Value
2nd Anniversary Value	+	Index-linking for year 3	+	1.6% of 2nd Anniversary Value	=	3rd Anniversary Value
3rd Anniversary Value	+	Index-linking for year 4	+	2.6% of 3rd Anniversary Value	=	4th Anniversary Value
4th Anniversary Value	+	Index-linking for year 5	+	4.9% of 4th Anniversary Value	=	5th Anniversary Value

If a certificate is held for 5 years, these rates will give a tax-free and guaranteed return equal to 2.25 per cent. per annum compound in addition to index-linking.

National Savings FIRST Option Bonds—New Interest Rate

On and from 27th March 1998 the guaranteed gross interest rate for the first year a Bond is held will be 6.5 per cent. per annum. Assuming a rate of tax of 20 per cent., the net rate credited to a Bond will be 5.2 per cent. per annum. Bonds of £20,000 or more also earn bonus interest of 0.25 per cent. per annum gross (0.2 per cent. net).

National Savings Capital Bonds—New Series

Series L Capital Bonds will go on sale from 27th March 1998. Bonds held for five years will grow in value at a guaranteed rate each year as follows: Year 1 4.4% Year 2 4.8% Year 3 5.6% Year 4 6.8% Year 5 8.46% These rates will give a guaranteed return equal to 6 per cent. per annum compound. The interest is credited gross and is taxable.

National Savings Children’s Bonus Bonds—New Issue

Issue J Children’s Bonus Bonds will go on sale from 27th March 1998. For the first 5 years each £25 unit will earn interest at 5 per cent. per annum compound. On the fifth anniversary of purchase it also earns a bonus of £1.55 (6.2 per cent. of purchase price). At these rates a bond will earn a tax-free return equal to 6 per cent. per annum compound over the first five years.

National Savings Pensioners Guaranteed Income Bonds—New Series

Series 5 Pensioners Guaranteed Income Bonds will go on sale from 27th March 1998. The interest rate, fixed and guaranteed for the first 5 years a bond is held, is 6.1 per cent. per annum. The interest is paid gross and is taxable. Issued by National Savings on behalf of the Treasury