A number of newspapers have recently run stories on the National Savings & Investments index linked savings certificates. These are tax free and returns are linked to changes in the Retail Prices Index (RPI). These have always been popular, particularly for higher rate taxpayers, but were very attractive in early 2008. Many savers therefore now have 3 year certificates coming up to maturity.

Whilst these certificates are not currently on general sale, existing customers can roll over the maturity proceeds into an RPI + 1% certificate. Whilst there are no guarantees as to where RPI will stand in 3 years' time, it is 4.8% at the time of writing which makes the rollover option seem pretty attractive at present.