granny bond

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granny bond

n
(Banking & Finance) (in Britain) an informal name for retirement issue certificate, an index-linked savings certificate, originally available only to people over retirement age
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She has pounds 5000 in her five-year fixed-rate Granny Bonds and she gets pounds 18 a month interest.
But they've stopped doing the granny bonds, so I've told her not to expect anything like as much interest when hers run out.
I invested my redundancy money in Granny Bonds and, in those days, got about pounds 150 per month in interest.