Index-Linked Certificates: Past Issues

To see what your certificates are worth now if they are nearing maturity or you want to cash them early and the latest rate of inflation, click here if you are on-line.

The 5 year issues are shown first followed by the 3 year issues and then the former 2 year issues. All increases in the value of the certificates are tax-free. Nothing has to be declared on a tax return.

Rates for the current and previous issues are highlighted in blue where the interest on the new issue is better than the previous issue and in red where the interest on the new issue is worse than the previous issue. If the most recent issue is not l45th Index Linked 5 Year Issue

The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1% + RPI	0.75%+ RPI	0.85+ RPI	0.9%+ RPI	1.15%+ RPI	1.36 %+ RPI

44th Index Linked 5 Year Issue

The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.7% + RPI	0.45%+ RPI	0.55+ RPI	0.6%+ RPI	0.85%+ RPI	1.06 %+ RPI

43rd Index Linked 5 Year Issue

The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.35% + RPI	0.1%+ RPI	0.2+ RPI	0.25%+ RPI	0.5%+ RPI	0.71 %+ RPI

42nd Index Linked 5 Year Issue

The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.35% + RPI	0.1%+ RPI	0.2+ RPI	0.25%+ RPI	0.5%+ RPI	0.71 %+ RPI

41st Index Linked 5 Year Issue

The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.35% + RPI	0.7%+ RPI	0.9+ RPI	1.1%+ RPI	1.3%+ RPI	1.51%+ RPI

39th Index Linked 5 Year Issue
Investment made since 30 December 2005.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.05% + RPI	0.65%+ RPI	0.85+ RPI	1.05%+ RPI	1.25%+ RPI	1.45%+ RPI

38th Index Linked 5 Year Issue
Investment made since 13 July 2005.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1% + RPI	0.6% + RPI	0.8% + RPI	1% + RPI	1.2% + RPI	1.41% + RPI

37th Index Linked 5 Year Issue
Investment made since 25 November 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.05% + RPI	0.65% + RPI	0.85% + RPI	1.05% + RPI	1.25% + RPI	1.46% + RPI

36th Index Linked 5 Year Issue
Investment made since 19 August 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.25% + RPI	0.85% + RPI	1.05% + RPI	1.25% + RPI	1.45% + RPI	1.66% + RPI

35th Index Linked 5 Year Issue
Investment made since 24 June 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.35% + RPI	? + RPI	? + RPI	? + RPI	? + RPI	?+ RPI

34th Index Linked 5 Year Issue
Investment made since 20 May 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.2% + RPI	0.8% + RPI	1% + RPI	1.2% + RPI	1.4% + RPI	1.61% + RPI

33rd Index Linked 5 Year Issue
Investment made since 22 April 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.05% + RPI	0.65% + RPI	0.85% + RPI	1.05% + RPI	1.25% + RPI	1.46% + RPI

32nd Index Linked 5 Year Issue
Investment made from19 February to 21 April 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.1% + RPI	0.7% + RPI	0.9% + RPI	1.1% + RPI	1.3% + RPI	1.51% + RPI

31st Index Linked 5 Year Issue
Investment made from 20 November 2003 to 18 February 2004.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.25% + RPI	0.85% + RPI	1.05% + RPI	1.25% + RPI	1.45% + RPI	1.66% + RPI

30th Index Linked 5 Year Issue
Investment made from 25 September to 19 November 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.05% + RPI	0.65% + RPI	0.85% + RPI	1.05% + RPI	1.25% + RPI	1.46% + RPI

29th Index Linked 5 Year Issue
Investment made from 21 August to 24 September 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.9% + RPI	0.5% + RPI	0.7% + RPI	0.9% + RPI	1.1% + RPI	1.31% + RPI

28th Index Linked 5 Year Issue
Investment made from 26 June to 20 August 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.7% + RPI	0.3% + RPI	0.5% + RPI	0.7% + RPI	.9% + RPI	1.11% + RPI

27th Index Linked 5 Year Issue
Investment made from 21 February to 25 June 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
0.8% + RPI	0.45% + RPI	0.55% + RPI	0.75% + RPI	.95% + RPI	1.31% + RPI

26th Index Linked 5 Year Issue
Investment made since 5 February 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.00% + RPI	0.65% + RPI	0.75% + RPI	0.95% + RPI	1.15% + RPI	1.51% + RPI

25th Index Linked 5 Year Issue
Investment made from 28 November 2002 to 5 February 2003.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.45% + RPI	1.1% + RPI	1.2% + RPI	1.4% + RPI	1.6% + RPI	1.96% + RPI

24th Index Linked 5 Year Issue
Investment made from 4 October to 27 November 2002.
The average yield if held for the full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.3% + RPI	1% + RPI	1.1% + RPI	1.2% + RPI	1.4% + RPI	1.81% + RPI

23rd Index Linked 5 Year Issue
Investment made from 25 January to 3 October 2002.
The average yield if held full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.6% + RPI	1.2% + RPI	1.3% + RPI	1.5% + RPI	1.8% + RPI	2.21% + RPI

22nd Index Linked 5 Year Issue
Investment made from 30 November 2001 to 24 January 2002.
The average yield if held full 5 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 5 years	Year 1	Year 2	Year 3	Year 4	Year 5
1.4% + RPI	1.0% + RPI	1.1% + RPI	1.3% + RPI	1.60% + RPI	2.01% + RPI

21st Index Linked 5 Year Issue
£100 investment made from 26 October to 29 November 2001.
Average yield if held full 5 years is 1.75% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.10	1.10	1.75
2	101.10	102.46	1.35	1.91
3	102.46	104.16	1.65	2.10
4	104.16	106.29	2.05	2.33
5	106.29	109.06	2.61	2.61

20th Index Linked 5 Year Issue
£100 investment made from 24 May to 25 October 2001.
Average yield if held full 5 years is 1.9% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.25	1.25	1.90
2	101.25	102.77	1.5	2.06
3	102.77	104.62	1.8	2.25
4	104.62	106.92	2.2	2.48
5	106.92	109.87	2.76	2.76

19th Index Linked 5 Year Issue
£100 investment made from 23 January to 23 May 2001.
Average yield if held full 5 years is 1.65% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.0	1.65
2	101.00	102.21	1.2	1.81
3	102.21	103.64	1.4	2.02
4	103.64	105.61	1.9	2.33
5	105.61	108.52	2.76	2.76

18th Index Linked 5 Year Issue
£100 investment made from 5 December 2000 to 22 January 2001.
Average yield if held full 5 years is 1.9% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.30	1.3	1.90
2	101.30	102.82	1.5	2.05
3	102.82	104.67	1.8	2.24
4	104.67	106.97	2.2	2.45
5	106.97	109.87	2.71	2.71

17th Index Linked 5 Year Issue
£100 investment made from 24 February to 4 December 2000.
Average yield if held full 5 years is 2% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.40	1.4	2.00
2	101.40	103.02	1.6	2.15
3	103.02	104.98	1.9	2.37
4	104.98	107.39	2.3	2.55
5	107.39	110.41	2.81	2.81

16th Index Linked 5 Year Issue
£100 investment made from 8 October 1999 to 23 February 2000.
Average yield if held full 5 years is 1.8% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.20	1.2	1.80
2	101.20	102.60	1.4	1.95
3	102.60	104.26	1.6	2.14
4	104.26	106.34	2.0	2.40
5	106.34	109.33	2.81	2.81

15th Issue Index Linked Savings Certificates
£100 investment made from 31 December 1998 to 7 October 1999.
Average yield if held full 5 years is 1.65% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.0	1.65
2	101.00	102.21	1.2	1.81
3	102.21	103.64	1.4	2.02
4	103.64	105.61	1.9	2.33
5	105.61	108.53	2.76	2.76

14th Issue Index Linked Savings Certificates
£100 investment made from 16 October to 30 December 1998.
Average yield if held full 5 years is 2% a year plus the rise in the retail prices index. Yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.0	2.00
2	101.00	102.26	1.25	2.26
3	102.26	103.80	1.5	3.14
4	103.80	106.18	2.3	4.14
5	106.18	110.43	4.0	4.00

13th Issue Index Linked Savings Certificates
£100 investment made from 26 March to 15 October 1998.
Average yield if held full 5 years is 2.25% a year plus the rise in the retail prices index. Yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.0	2.25
2	101.00	102.21	1.2	2.57
3	102.21	103.85	1.6	3.03
4	103.85	106.55	2.6	3.74
5	106.55	111.77	4.9	4.90

12th Issue Index Linked Savings Certificates
£100 investment made from 9 January to 26 March 1998.
Average yield if held full 5 years is 2.5% a year plus the rise in the retail prices index. Yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.00	2.50
2	101.00	102.26	1.25	2.88
3	102.26	104.31	2.00	3.42
4	104.31	107.44	3.00	4.14
5	107.44	113.14	5.31	5.31

5th to 10th issues
Now when issues reach their maturity date you are asked what you want to do and if you do nothing, they are re-invested in the current issue with the same term as the original one. Check that you are in fact receiving interest as some holders may not be.

1st to 4th issues
These have all now matured and now only pay 0.5% a year interest plus index-linking. Current issues therefore offer better value.

18th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1% + RPI	0.85%+ RPI	0.95%+ RPI	1.21%+ RPI

17th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.7% + RPI	0.55%+ RPI	0.65%+ RPI	0.91%+ RPI

16th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.25% + RPI

15th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.35% + RPI	0.9%+ RPI	1.1%+ RPI	1.46%+ RPI

14th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.15% + RPI	0.9%+ RPI	1.1%+ RPI	1.46%+ RPI

13th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.05% + RPI	0.8%+ RPI	1.0%+ RPI	1.36%+ RPI

11th Index Linked 3 Year Issue

The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.05% + RPI	0.8%+ RPI	1.0%+ RPI	1.36%+ RPI

10th Index Linked 3 Year Issue
Investment made since 25 November 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.95% + RPI	0.7% + RPI	0.9% + RPI	1.26% + RPI

9th Index Linked 3 Year Issue
Investment made since 19 August 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.1% + RPI	0.85% + RPI	1.05% + RPI	1.41% + RPI

8th Index Linked 3 Year Issue
Investment made since 24 June 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.25% + RPI	? + RPI	? + RPI	? + RPI

7th Index Linked 3 Year Issue
Investment made since 20 May 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.05% + RPI	0.8% + RPI	1% + RPI	1.36% + RPI

6th Index Linked 3 Year Issue
Investment made since 22 April 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.85% + RPI	0.6% + RPI	0.8% + RPI	1.16% + RPI

5th Index Linked 3 Year Issue
Investment made from 19 February to 21 April 2004.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.95% + RPI	0.7% + RPI	0.9% + RPI	1.26% + RPI

4th Index Linked 3 Year Issue
Investment made since 20 November 2003.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
1.1% + RPI	0.9% + RPI	1.1% + RPI	1.31% + RPI

3rd Index Linked 3 Year Issue
Investment made from 25 September to 19 November 2003.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.95% + RPI	0.75% + RPI	0.95% + RPI	1.16% + RPI

2nd Index Linked 3 Year Issue
Investment made from 21 to 24 September 2003.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.7% + RPI	0.5% + RPI	0.7% + RPI	0.91% + RPI

1st Index Linked 3 Year Issue
Investment made from 26 June to 20 August 2003.
The average yield if held for the full 3 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 3 years	Year 1	Year 2	Year 3
0.45% + RPI	0.3% + RPI	0.45% + RPI	0.61% + RPI

Note that if you just leave your money in an expired 2 year issue, currently (June 2004) you get less good interest than if you were to re-invest in the new 3 year issue.

15th Index Linked 2 Year Issue
Investment made from 5 February to 25 June 2003.
The average yield if held for the full 2 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 2 years	Year 1	Year 2
0.5% + RPI	0.25% + RPI	0.76% + RPI

14th Index Linked 2 Year Issue
Investment made from 28 November 2002 to 4 February 2003.
The average yield if held for the full 2 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 2 years	Year 1	Year 2
1% + RPI	0.75% + RPI	1.26% + RPI

13th Index Linked 2 Year Issue
Investment made from 25 April to 27 November 2002.
The average yield if held for the full 2 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 2 years	Year 1	Year 2
1.15% + RPI	1.0% + RPI	1.31% + RPI

12th Index Linked 2 Year Issue
Investment made from 25 April to 3 October 2002.
The average yield if held for the full 2 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 2 years	Year 1	Year 2
1.3% + RPI	1.0% + RPI	1.61% + RPI

11th Index Linked 2 Year Issue
Investment made from 25 January to 25 April 2002.
The average yield if held for the full 2 years and the year by year yield are given below. All yields are in addition to the change in the retail prices index (RPI) (direct link if you are on-line).

Average yield for 2 years	Year 1	Year 2
1.65% + RPI	1.35% + RPI	1.96% + RPI

10th Index Linked 2 Year Issue
£100 investment made from 30 November 2001 to 24 January 2002.
Average yield if held full 2 years is 1.3% a year plus the rise in the retail prices index (direct link if you are on-line). The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.00	1.30
2	101.00	102.63	1.61	1.61

9th Index Linked 2 Year Issue
£100 investment made 26 October to 29 November 2001.
Average yield if held full 2 years is 1.5% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.00	1.00	1.50
2	101.00	103.03	2.01	2.01

8th Index Linked 2 Year Issue
£100 investment made from 19 July to 25 October 2001.
Average yield if held full 2 years is 2% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.50	1.50	2.00
2	101.50	104.01	2.51	2.51

7th Index Linked 2 Year Issue
£100 investment made from 23 January to 18 July 2001.
Average yield if held full 2 years is 2.15% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.65	1.65	2.15
2	101.65	104.35	2.66	2.66

6th Index Linked 2 Year Issue
£100 investment made from 5 December 2000 to 22 January 2001.
Average yield if held full 2 years is 2.5% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	101.75	1.75	2.50
2	101.75	105.07	3.26	3.26

5th Index Linked 2 Year Issue
£100 investment made from 24 October to 4 December 2000.
Average yield if held full 2 years is 2.65% a year plus the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	102.00	2.00	2.65
2	102.00	105.37	3.31	3.31

4th Index Linked 2 Year Issue
£100 investment made between 22 June 2000 and 23 October 2000.
Average yield if held full 2 years is 3% a year plus the rise in retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	102.00	2.00	3.00
2	102.00	106.09	4.00	4.00

3rd Index Linked 2 Year Issue
£100 investment made between 24 February 2000 and 21 June 2000.
Average yield if held full 2 years is 3.15% a year the rise in the retail prices index. The yield in each year given below and is also plus the rise in the retail prices index.

Year .	Value at start £	Value at end £	Yield for year %	Yield if held to end of year 5 %
1	100.00	102.65	2.65	3.15
2	102.65	106.41	3.66	3.66

1st to 2nd Index Linked 2 Year Issues
These now pay no interest, just index-linking. Current issues therefore offer better value.

To cash certificates or to reinvest, you need a form for each holder. Some issues have the form on the back of the certificate. You are notified when a certificate matures and if you do nothing, it is automatically re-invested in the current issue of the same term.

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Index-Linked Certificates:What current and past issues pay plus year by year interest rates