NS&I launches new savings option paying 6.20 per cent

NS&I app showing person making an investment

NS&I has increased interest rates again

NS&I
Jessica Sheldon

By Jessica Sheldon


Published: 30/08/2023

- 09:07

Updated: 30/08/2023

- 10:18

NS&I has increased interest rates again just days after releasing new Issues on Green Savings Bonds

NS&I has released new Issues of two savings options today, paying up to 6.2 per cent.

The government-backed savings provider is now offering the highest ever interest rate on the one-year fixed rate Guaranteed Growth Bonds and Guaranteed Income Bonds since they went on sale in 2008.


The new Issue of one-year fixed rate Guaranteed Growth Bonds offers savers 6.20 per cent gross/AER.

The new Issue of Guaranteed Income Bonds pays 6.03 per cent gross/6.20 per cent AER.

NS&I app on tablet showing Direct Saver and Children's Bonds details

NS&I's new rates are the highest offered across NS&I’s current product range

NS&I

Economic Secretary to the Treasury Andrew Griffith, said: “It’s vital that savers are able to benefit from recent interest rate rises, so I’m delighted that NS&I is releasing new Issues of Guaranteed Growth Bonds and Guaranteed Investment Bonds at over six per cent - the highest rate since they were launched.

“For further peace of mind, the Treasury provides a 100 per cent guarantee on these savings.”

The previous Issue of Guaranteed Growth Bonds paid five per cent gross/AER while the Guaranteed Income Bonds offered five per cent gross/5.15 per cent AER.

These new rates are the highest offered across NS&I’s current product range.

NS&I has confirmed interest rates are also being increased for existing customers with two, three and five-year Bonds when their current holding reaches maturity.

Dax Harkins, NS&I’s chief executive, said: “It was great to be able to bring back on sale our one-year fixed rate Guaranteed Growth Bonds and Guaranteed Income Bonds in February last year.

“Today, we are able to offer new Issues with an improved interest rate for customers wanting the certainty of knowing how much they will be earning on their savings for one year.

“At the same time, existing customers with maturing Bonds can choose to invest at new higher rates for two, three and five-year Guaranteed Growth Bonds and Guaranteed Income Bonds.”

NS&I app on tablet

NS&I has released new Issues of two savings options today, paying up to 6.2 per cent

NS&I

Guaranteed Growth Bonds and Guaranteed Income Bonds one-year fixed rate Issues offer a guaranteed rate fixed for one year.

Savers will need a minimum investment of £500 and a maximum of £1million in each Issue.

After the year, savers have the choice to reinvest or withdraw their cash.

The two, three and five-year products are only available to existing customers with maturing products and new customers aren’t eligible.

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