NS&I doubles interest rate on its flagship Green Savings Bonds to 3%

Eco-friendly savers will get a much-needed boost after NS&I more than doubled the interest rate paid by its flagship green bond.

National Savings and Investments (NS&I) yesterday launched a new issue of its three-year Green Savings Bonds at a competitive 3 per cent.

However, the move risks enraging thousands of savers who locked into the account in February when it offered a paltry 1.3 per cent, fixed for three years. 

And those who signed up for its first issue last October were tied into an even more miserable 0.65 per cent.

The Treasury-backed bank’s latest offering falls shy of the best three-year rates on the market, which are just below 3.5 per cent.

And experts point out that it is also below the best one-year deal available from Atom Bank which is offering 3.2 per cent interest.

Around 11,000 customers have invested in NS&I’s Green Savings Bonds, as of March 31, 2022. 

To sign up to the latest offering, savers must invest a minimum of £100. The maximum deposit size is £100,000.