NS&I announces new savings option which pays 5.70 per cent
NS&I has released a fifth Issue of Green Savings Bonds today
NS&I
NS&I has released a fifth Issue of Green Savings Bonds today, which pay a fixed-rate of 5.70 per cent gross/AER over a three-year term.
It’s an increase of 1.50 percentage points, with the previous interest rate paying 4.20 per cent gross/AER from February 7, 2023.
NS&I Chief Executive Dax Harkins said: “I’m really pleased that we can offer a new Issue of our Green Savings Bonds at a higher rate from today.
“This is a great opportunity for savers who want to see a guaranteed return on their investment while also making a difference with their savings by helping to make the world greener, cleaner and more sustainable.”
NS&I Chief Executive Dax Harkins said he was 'really pleased'
NS&I
NS&I said savers who put money in Green Savings Bonds will help fund vital green projects across the UK as part of the UK Government Green Financing Framework.
They said projects will include making transport greener, using renewable energy over fossil fuels, preventing pollution, using energy more efficiently, protecting natural resources and adapting to a changing climate.
The minimum investment in Green Savings Bonds is £100.
The maximum limit is £100,000 per person for each Issue.
Investors must be aged 16 or over to purchase the Bonds from NS&I.
The full amount deposited will be held for three years and can’t be withdrawn during this period.
The first Issue of Green Savings Bonds went on sale on October 22, 2021.
NS&I increased interest rates on a number of savings accounts earlier this month.
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Premium Bonds savers can use the NS&I app to check prize draw results
NS&I
The government-backed savings provider increased the interest rates on its Income Bonds, Direct Saver, Direct ISA, Junior ISA and Investment Account.
The Premium Bonds prize fund rate has also been increased, which will come into effect from the September 2023 prize draw.
It will rise to 4.65 per cent from four per cent, the highest level since March 1999.
The odds of winning per £1 Bond number will improve to 21,000 to one, their best level since the April 2008 prize draw, and the change in odds will see an estimated extra £66million added to the prize fund next month.