Savers have been desperate to find accounts which protect them from the ravages of inflation, so they'll welcome the return today of tax-free National Savings Index-linked Certificates.
The terms aren't quite as good as the previous issue, which was withdrawn last summer, causing a barrage of complaint.
The certificates are available for a five year term and pay RPI inflation (currently 5.3%) plus 0.5% as an interest rate.
Previously, you could get them for 3 or five years, and the return was RPI plus 1%.
It's extremely difficult for savers to find an an account which beats inflation and income tax combined. Virtually all of them are tax-free fixed-rate cash ISAs.
Bear in mind that the certificates don't track the monthly change in RPI. They are subject to an annual uprating.
Also, while inflation is high at the moment, it's expected to fall next year.
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