Norwich & Peterborough Building Society has increased the interest rate on its range of fixed rate bonds.
The interest rate on the Society's two year bond is increased by 0.1 per cent gross for both monthly and annual interest to 5.37 per cent gross and 5.5 per cent gross respectively.
For investments in the three and five year bonds the rate is increased by 0.19 per cent gross for those receiving monthly interest. The rate now stands at 5.46 per cent gross for both bonds.
For three and five year bonds paying annual interest the rate is increased by 0.2 per cent gross to 5.6 per cent for both bonds.
The changes which take effect from May 31.
The minimum investment is £5,000 and early encashment penalties are 120 days loss of interest for two and three year bonds and 180 days loss of interest for the five year bond.