{"id":319882,"date":"2011-03-18T11:58:26","date_gmt":"2011-03-18T11:58:26","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/18\/early-cut-off-for-john-lewis-bond\/"},"modified":"2011-03-18T11:58:26","modified_gmt":"2011-03-18T11:58:26","slug":"early-cut-off-for-john-lewis-bond","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/18\/early-cut-off-for-john-lewis-bond\/","title":{"rendered":"Early cut-off for John Lewis bond"},"content":{"rendered":"

\n \t\t
\n 18 March 2011<\/span>
\nLast updated at <\/span>07:58 ET<\/span>
\n<\/span><\/p>\n

Department store John Lewis has closed its first retail investment bond to new applications after it raised \u00a350m in 11 days. <\/p>\n

The cut-off for the 6.5% Partnership Bond, offered to cardholders, customers and staff, comes three weeks earlier than planned.<\/p>\n

The cash inflow could show a new appetite for higher interest bonds. <\/p>\n

Savers face historically low returns from conventional accounts with banks and building societies.<\/p>\n

Savings experts have warned that the bonds are not protected by the Financial Services Compensation Scheme, which guarantees bank deposits up to \u00a385,000.<\/p>\n

Competition<\/span><\/p>\n

The John Lewis bond came hard on the heels of a similar offer from Tesco and it was followed by a new bond from Lloyds.<\/p>\n

Investors were invited to put in lump sums of \u00a31,000 or more for five years in return for a fixed annual return of 4.5% in cash with a further 2% paid in John Lewis gift vouchers.<\/p>\n

The chain, which is the UK’s biggest department store by sales, already offers some financial services such as credit cards and home insurance.<\/p>\n

This was the first opportunity customers have had to invest directly in the firm.<\/p>\n

Last week, John Lewis reported a 20% rise in profits, or \u00a361.3m, to \u00a3367.9m last year, but has warned that 2011 could be more difficult.<\/p>\n

Staff at the employee-owned partnership were told that they would each receive a bonus worth an average of more than nine weeks’ pay, worth 18% of salary. <\/p>\n<\/p><\/div>\n<\/p>\n

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