Boost for eco-friendly savers as NS&I doubles interest rate on its flagship green bond 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.
Rate boost: National Savings and Investments yesterday launched a new issue of its three-year Green Savings Bonds at a competitive 3%
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.