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Pinnacle pledges 6.24% income for three years with guaranteed bond

Pinnacle Insurance is offering a monthly income guaranteed bond that will give a return equivalent to 6.24 per cent gross for higher-rate taxpayers over three years.

The firm, a subsidiary of French banking giant BNP Paribas, is launching a monthly bond paying 4.61 per cent net monthly income over a three-year term. Minimum investment is £25,000 and there is no maximum.

Clients who make an investment of £25,000 in the bond will get income of £60.42 a month during the investment period plus £25,000 at the end of their chosen term.

The product will be sold through IFAs. Capital and income payments are guaranteed, providing the bond is kept for the full investment period.

Investments over £50,000 generate income of 4.63 per cent, rising to 4.63 per cent for sums over £100,000 and 4.68 per cent for sums over £250,000.

Pinnacle investments managing director Kathy Byrne says: “Our launch offer beats any other monthly guaranteed income bond product on the market. For higher-rate taxpayers, this is a tax-efficient way to invest.”

Baronworth IFA Colin Jackson says: “Pinnacle&#39s monthly income option should prove to be an exciting development.”

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