Savers aged 65+ are currently able to access two government-backed pensioner bonds accounts which pay up to 4 per cent interest – but the deadline for signing up falls on midnight, 15 May.

‘65+ guaranteed growth bonds’ come in one and three year vehicles, paying 2.8 per cent and 4 per cent respectively. As National Savings & Investments is effectively the UK government’s own savings bank, any money invested or saved with the institution is afforded 100 per cent security.

Pensioners can apply online on the NS&I website, or via post/phone, although the body has recommended that savers make their applications online. Up to £20,000 can be placed in the bonds per person; savers can also invest jointly with another party aged 65+, bringing this total to £40,000. There is a minimum investment requirement of £500.

The bonds were offered for purchase in January this year; initially, the bonds were to be withdrawn from sale once £10bn worth had been sold, but George Osborne extended the availability period to May the following month.

Up-to-date sales figures are currently unavailable (the statistics will be released in full when the bonds close), although data up to 12 March (the date on which the original £10bn limit was reached) indicates that 825,000 savers have purchased bonds.

While the bond launch was welcomed by many, they have also been criticised for not offering a regular income to purchasers, and charging savers who cash in early a penalty fee equivalent to 90 days’ interest. The bonds will pay out capital and accumulated compound interest upon maturity.

“65+ bonds close for sale on Friday 15 May,” a spokesperson for NS&I said.

“Customers can buy the bonds online or over the phone up to 23.59pm, and postal applications must be received by this time or they will not be processed.”