John Lewis is issuing a bond to customers who hold partnership cards and account cards.
They will be able to invest between £1,000 and £10,000 in the five-year savings product with a fixed annual return of 4.5 per cent. A further 2 per cent will be paid in John Lewis Vouchers.
John Lewis chairman Charlie Mayfield says: “With interest rates and yields close to historical lows we believe our cardholders and partners will welcome a competitively priced, innovative product of this nature with the added comfort of the John Lewis Partnership brand and reputation.”
The offer is limited and applications must be received between March 7 and April 11 2011. It will close when the total bond applications reach £50m.