(November 3 – 10:10 ET) – The Department of Finance today announced interest rates for their newly available Canada Premium Bond Series 16 and Canada Savings Bond Series 67.
CPB Series16, with an issue date of December 1, 2000, and a 10-year term to maturity, will carry an interest rate of 5.50% for the first year, 5.70% for the second year and 5.90% for the third year. The annual compound rate of return, based on these guaranteed rates, will be 5.69% for a compound interest bond if held for three years. CPBs are redeemable once a year on the anniversary of the issue date and during the 30 days thereafter.
CSB Series 67, with an issue date of December 1, 2000, and a 10-year term to maturity, will carry an interest rate of 4.85% for the first year. CSBs can be cashed at any time.
Outstanding CSB Series 55 and CSB Series 61 will also carry an interest rate of 4.85% for the year beginning December 1, 2000.
CPB Series 16 and CSB Series 67 are available wherever Canadians bank or invest from November 2, 2000, to December 1, 2000. Canadians can also buy CPBs and CSBs directly by calling toll-free 1.888.773.9999 between 8:00. and 20:00 ET, Monday to Friday.
The next Series of CPBs and CSBs, together with the no-fee registered retirement savings plan and registered retirement income fund options, will be on sale December 2, 2000.
-IE Staff