NS&I will launch Green Savings Bonds, the new retail savings product announced by the Chancellor in the 2021 Budget, later in the year. The Bonds will be available to purchase online at nsandi.com.

The Bonds will offer savers a chance to support green projects at a fixed rate over a 3-year term. The Bonds are available to those aged 16 or over, with a minimum investment of £100 and a maximum limit of £100,000 per person.

Green Savings Bonds will help finance the Government’s green spending projects designed to tackle climate change and make the environment greener and more sustainable. These 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.

Further details on NS&I’s Green Savings Bonds, including the interest rate, will be available later in the year.

Key features of the Bonds are as follows:

– 3-year fixed term.

– Designed to be held for the whole term, but with a cooling-off period in the first 30 days of investment.

– Available to savers aged 16 and over.

– Available to buy and manage online at nsandi.com

– Investment limits apply: minimum of £100 and maximum of £100,000 per person and can be made individually or jointly.

– Customers must have a UK bank account capable of receiving BACS payments.

– Fixed rate is guaranteed for the whole term. Interest is earned daily and added once a year on the investment’s anniversary, and paid on maturity.

– Interest is earned without deducting any tax at source. However, the interest is taxable so it will count towards the customer’s Personal Savings Allowance in the tax year that their Bond matures and needs to be declared by the individual based on their personal tax circumstances.