NS&I launches new fixed British Savings Bonds offering customers a chance to ‘grow their savings’
Customers will be able to get a 4.15 per cent interest rate via this savings option
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National Savings and Investments (NS&I) has today launched the new British Savings Bonds, offering a fixed rate for three years.
Customers will be able to get a 4.15 per cent interest rate via this savings option.
Chancellor Jeremy Hunt announced the British Savings Bonds in the Spring Budget and they have today gone on sale.
The Guaranteed Growth Bond option is available at 4.15 per cent gross/AER and the Guaranteed Income Bond is 4.07 per cent gross/4.15 per cent AER.
Savers are guaranteed interest rate fixed over three years for investments between £500 and £1million.
British Savings Bonds are available to purchase online at nsandi.com.
Britons do not need to worry about if their money is safe because all investments will be 100 per cent secure as they are backed by HM Treasury.
The money is invested back into supporting the UK through government financing.
Bim Afolami, economic secretary to the Treasury, said: “This is a new opportunity for UK savers to benefit from the three-year fixed-rate British Savings Bonds knowing that their money is fully protected by HM Treasury.
“The Bonds will help to grow the savings culture in the UK while providing cost-effective financing for the government.”
Dax Harkins, NS&I chief executive said: “British Savings Bonds are there to help people save for the longer term and support their savings goals, safe in the knowledge that their investments are 100 per cent protected.
“As with all savings with NS&I, money is invested back into supporting the UK through government financing.”
In the Spring Budget, it was announced that NS&I’s Net Financing target for 2024-25 has increased to £9billion (in a range of +/- £4 billion either side of this target).
NS&I continues to offer Green Savings Bonds, which pay 2.95 per cent AER interest.
LATEST DEVELOPMENTS:
It is a three-year fixed savings account that uses savers' cash to fund green infrastructure projects.
Britons' savings are locked away until the account matures at the end of the three years.